5 Reasons to Benchmark your Compensation Structure

Are you looking to evaluate your company’s salary structure in the near future? If not, you should be – and chances are your competitor already is! Here are 5 reasons you should benchmark your company’s salary structure through the?Compensation Benchmark Review.

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1.The market is continually changing.?It’s no secret that the market ebbs and flows. The market is not the same as it was three years ago or even last year, so why hasn’t your compensation structure changed in response? Benchmarking your compensation structure allows you to respond competitively to changes in the market, allowing you to stay current and relevant as the market and labor demands continue to shift in the second half of the year.??

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2. Attract and retain talent.?Is your company having a hard time getting applicants for an open role? Or maybe you just can’t seem to keep certain roles filled? Your compensation structure may be to blame. According to our 2022 Employee and Candidate Benefits Survey, “Higher Compensation”?was the top motivator for employees to leave their current job for another opportunity. Knowing what current market rates, are as well as establishing fair and competitive compensation systems, are essential in both attracting new talent and retaining existing employees.

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3. Remain budget conscious.?It costs NOT to pay competitively. Having an open role can cost your company, and continually rehiring and retraining gets expensive. Utilizing the CBR in your salary structure can not only help your organization pay competitively within the marketplace, but it can also help your company as it works to develop or adhere to an existing budget. Having more frequent salary reviews can help your organization stay ahead of compensation concerns and help budget for pay raises and bonuses so your company is prepared.

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4.Access to industry specific data.?The CBR is the leading online agriculture and food industry survey in North America. With industry-specific data, the CBR reports on roles that are agriculture specific and unique, such as agronomist, livestock veterinarian, and farm worker.?Food specific roles are available too, including food technologist, food safety specialist, and flavor chemist.?We also have reports on key industry sectors such as Ag Chem, Commodities, Livestock Production and more that are not available anywhere else. Over 150+ employers across the United States and Canada provide data on over 80,000+ employees in the survey to deliver the most current, reliable, and secure data available to the agriculture and food industries.

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5. Data-driven decision making.?The CBR is a closed-loop, confidential salary survey, with an annual data collection period. This means having an annual CBR subscription gives your company access to relevant and accurate compensation data to inform your team and you make data-driven decisions within your organization. Having reliable and current data takes the pain and inaccuracies out of guesswork when it comes to your company’s compensation structure, putting the power back in your hands.

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Ready to make the CBR an integral part of your HR solution plan? To learn more about the CBR and schedule your free demo, visit?/compensation-benchmark-review/?or email?[email protected]