Challenge: A company in the financial services industry faced recruitment issues for some key roles and wanted to know how competitive their pay offering was. Due to cost pressures arising from the pandemic and its associated downturn, they did not want to spend a huge amount on consultancy services and so had arranged for some capacity within their HR department to form an internal project team.
Solution: IDR recommend that the company subscribe to IDR’s online salary benchmarking software ‘Pay Benchmarker’ to enable them to look up pay for many of the core jobs within the business. These jobs include HR, finance, sales, marketing, communications, IT, management and administrative positions. The tool enabled the project team to check each of their salaries against the pay data in Pay Benchmarker. Salary data in Pay Benchmarker can be filtered by job size, sector and region, enabling the company to compare like with like.
Pay Benchmarker is a cost-effective solution, since it provides access to market data for over 200 job titles at an annual subscription of £1,275 + VAT per year, which includes access for you and two of your team.
Pay Benchmarker contains up-to-date market salary data for many of the positions normally found in most businesses and there are some specialist areas of work too for those who would find them useful. Specialist areas/These include:
· Graduates and Apprentices
· Young Workers (ie age rates)
· Civil Service
· Risk, Compliance and Safety
· Logistics and Transport
If you think Pay Benchmarker would be a useful addition to your HR toolkit, then get in touch today for a live demo of the service or a free trial.