Market analysis is an extremely effective tool for employers to both retain and attract the best possible candidates. It allows you as the employer to benchmark yourself in the area of the market where you believe your remuneration strategy would be best suited.
Remuneration can be broken down into various elements, in most instances these can be measured against the market under two different categories – Basic Pay and Total Cash. Basic pay is purely the basic pay/salary portion of remuneration. Total cash is built up of the basic pay and any other variable elements such as bonuses etc. In Private Equity and Asset Management you would also typically see long/medium term incentives such as carried interest, deferred awards etc.
In addition to market analysis Employers can evaluate jobs. The evaluation of jobs allows you to create an efficient remuneration and benefits structure based on the importance of particular roles within the organisation as well as a very good tool to assist in development, talent management and succession planning.
Benchability can assist you with:
- Developing your remuneration strategy
- Compiling and analysing your business/staff against benchmark data
- Compiling remuneration committee documents
- Job evaluation
- Introducing a grading system
- Succession Planning