How to benchmark your pay and benefits against those of other employers
Author: Mark Crail
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- Be clear about why there is a need to benchmark against the market.
- Establish which individual or groups of employees are included in the exercise and who they are to be benchmarked against.
- Decide which elements of reward are being benchmarked.
- Obtain appropriate and relevant data from reliable sources.
- Use the data to make recommendations and decisions, and remember the administration.