{"id":3036,"date":"2021-08-16T21:39:49","date_gmt":"2021-08-17T01:39:49","guid":{"rendered":"https:\/\/staging-citation-canada.hrdownloads.com\/?p=3036"},"modified":"2023-03-20T13:48:17","modified_gmt":"2023-03-20T17:48:17","slug":"compensation-and-benefits-benchmarking-your-tool-for-best-practices","status":"publish","type":"post","link":"https:\/\/staging-site.citationcanada.com\/fr\/blog\/article\/compensation-and-benefits-benchmarking-your-tool-for-best-practices\/","title":{"rendered":"Compensation and Benefits Benchmarking: Your Tool for Best Practices"},"content":{"rendered":"\n

In today\u2019s tough labour market, offering the right mix of compensation, benefits, and perquisites can help land and keep great talent in your organization. Understanding how your current offerings measure up to the industry standards can help identify vital HR aspects that help in key decision-making, budgeting, reducing turnover, and setting a total rewards philosophy for the workforce. Let\u2019s look at how you can use market-benchmarking to meet and understand your organization\u2019s needs.<\/span><\/p>\n\n\n\n

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Attracting the right talent for your organization<\/span><\/h2>\n\n\n\n

You have found the perfect candidate for your open position and have made an offer, but the candidate declines\u2014they accepted an offer elsewhere. Is your organization offering a competitive package to new hires? You can assess the market\u2019s average going rate for your organization\u2019s roles using reports from credible benchmarking sources. You can also refer to the best practices for benefits, perquisites, and time-off entitlements in these reports. Understanding the total rewards package your organization is offering against market practices can make the difference in attracting new talent.<\/span><\/p>\n\n\n\n

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Identify and deploy the best practices for retaining talent<\/span><\/h2>\n\n\n\n

Is your organization experiencing high turnover rates? Losing key talent can result in additional costs and time for hiring, training, and onboarding a replacement. High turnover can be caused by uncompetitive total rewards packages. Market benchmarking can help identify discrepancies your organization might have against competitive practices on base pay, incentives, benefit offerings, and time-off entitlements.<\/span><\/p>\n\n\n\n

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Plan for employee growth and development<\/span><\/h2>\n\n\n\n

Creating growth, development, and promotional opportunities in your organization can help build a culture of engaged employees who see clear career options with you. Using benchmarking data for different position levels in a given field can help create a succession plan and career path for key roles. Having growth and development options available can help retain employees by building skills, knowledge, and experience.<\/span><\/p>\n\n\n\n

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Enhance your decision-making<\/span><\/h2>\n\n\n\n

Understanding market best practices helps in many key decision-making scenarios. It helps determine the appropriate package to offer to new hires, develop salary ranges, analyse internal pay equity, determine salary increases for current employees, and prepare suitable offers for promotions.<\/span><\/p>\n\n\n\n

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Don’t Miss Your Chance to Participate!<\/span><\/h2>\n\n\n\n

Citation Canada, formerly HRdownloads, recently launched a compensation and benefits survey for your benchmarking needs!<\/span><\/em><\/p>\n\n\n\n

There is no cost<\/span> to participate in the survey, and every survey participant receives the following:<\/span><\/p>\n\n\n\n