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Using market-pay comparisons: the 2012 XpertHR survey

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Source: IRS Employment Review

Date: 11-05-2012

Publisher: IRS

Using market-pay comparisons: the 2012 XpertHR survey

TOPICS:

pay and benefits

pay and grading systems
pay levels and awards

SECTORS:
chemicals
construction
electricity, gas and water
finance
manufacturing (other)
public services
retail and wholesale
services (other)

AUTHOR: Sheila Attwood

Comparing reward packages against competitors' offerings is almost universal among the organisations responding to our survey. We look at how it is done and share tips for success.

On this page:
Use of market-linked pay
Chart 1: Reasons for using market-pay comparisons
Chart 2: Elements of reward package compared against market
Market-pay information sources
Analysing market-pay data
Chart 3: Factors taken into account when benchmarking pay
Frequency of pay benchmarking
Where to pitch against the market
Chart 4: How organisations want their pay to relate to market levels
Market-linked pay rises
Market supplements
Market-comparison outcomes
Problems with market-linked pay
Our research
Table 1: Market-comparison aims

Key points

Market comparisons are most commonly used to provide a spot check on salaries and to support the annual pay review process.

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