A competitive remuneration structure and employee benefits package forms part of an effective employee attraction and retention strategy, and is particularly important in times of low unemployment. Employers are increasingly looking for modern and creative ways to reward their employees beyond traditional salary packages.
Remuneration benchmarking can be used to compare your remuneration structure and employee benefits package against that of your competitors in a particular market or market segment, and to measure the relative competitiveness of your offer to employees.
We can assist employers with:
- Benchmarking of wages against market competitors
- Researching market wages, wage increases and other employee benefits in preparation for enterprise bargaining
- Comparison wage calculations and rate builds for use during tendering
- Strategic analysis and advice in relation to rostering for greater productivity
- Research and analysis of other employee benefits offered in the market
Remuneration benchmarking can provide a snapshot, through to a deep dive, of the wages and other employee benefits currently offered in the market. This information can be used to create a competitive advantage and to inform your strategy and decisions in relation to attraction and retention, employee remuneration and benefits packages, enterprise bargaining and tendering.