Benchmarking your rewards programme
How do you know if your rewards programme is offering the right levels of total remuneration to recruit and retain staff? Hay Group’s unique global databases can help you benchmark your pay and benefit plans against specific peer groups as well as general market data.
Recruiting the right people and retaining effective employees are essential for organisations that want to develop and maintain a competitive edge for their business strategy. Aside from the importance of keeping talented people in the right roles, there’s a direct financial imperative: Hay Group research reveals that on average it costs the equivalent of six months’ salary to replace a person who leaves an organisation. That’s why smart organisations aim to design remuneration structures that are competitive – whether that is in terms of career opportunities or remuneration and rewards.
But on the other side of the coin, over-rewarding staff can be a massive cost. Paying only a quarter percent more than necessary, as compared to your competitors, can have an enormous impact on your total remuneration budget.
Through Hay Group’s unique global databases, you can benchmark your reward programmes against companies across the world – and in your local area – to find out just how competitive your remuneration offer is.
Why Hay Group
Quite simply, Hay Group has the world’s best databases of employee reward information, representing more than seven million employees from nearly 13,000 organisations in 60 countries worldwide.
Data is collected using a consistent methodology worldwide, which looks beyond superficial comparisons based on job titles to look at the content of work to be performed, and its organisational context: roles with similar titles may actually have quite different responsibilities. The result is that we can help you make in-depth remuneration comparisons—across job functions, industries and countries—with unparalleled confidence.
What’s more, our experienced staff can help you analyse the findings and benchmark your pay and benefit plans against specific peer groups as well as general market data.
Hay Group’s approach
Hay Group enables you to benchmark your rewards scheme yourself, by granting you access to our database through PayNet. Alternatively, you can opt to work with our expert staff to help you to:
- interpret the data and make realistic comparisons
- identify anomalies between current reward practice and policy
- uncover the budget implications of updating reward policy
- identify and pre-empt potential equal reward issues.
Hay Group in action
Hay Group has helped benchmark reward programmes for many organisations. Read how Hay Group worked with Minnesota State Colleges and Universities take an in-depth look at the compensation systems at its largest campuses and make recommendations for pay equity issues.
Find out more
If you would like to discuss how we can help you benchmark your reward programme, or find out more about using PayNet, please contact us.