What is Compensation Benchmarking
Compensation Benchmarking is also known as market pricing. Compensation benchmarking tools will manage your salary surveys and gives you a data driven approach to collecting data on salaries outside the organization to compare and evaluate internal salaries against the market to similar jobs within the company.
Compensation Benchmarking is extremely important to determine if you are paying a competitive salary for your internal talent. If you don't stay market competitive, you run the risk of turn over. Although salary is not the number one reason for turnover, it does play a factor.
Compensation Benchmarking is also important in recruiting talent, especially in a high skilled job.
With CompSheets we have analysis and reports that are designed to attract and retain talent. Schedule a demo today and see how we can improve your employee ROI.
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