Consulting - Reward Benchmarking

In an economic climate where an optimised cost base and maximum staff performance are key, making truly informed reward decisions could mean the difference between success and failure. Your organisation needs the right information to set pay and benefits packages at a suitable level, balancing the need for cost effectiveness with the sometimes seemingly conflicting need to attract and retain key performers and to drive and reward good performance.

Salary and reward is intrinsically linked to the management of resourcing and performance, as well as representing the most significant cost borne by many organisations.  Therefore, employers are increasingly aware of the need to maintain an understanding of prevailing salary trends, in order to make internal reward decisions with a view of external comparisons.

Reed Consulting's Strategic Research Practice has assisted numerous organisations across different industries and sectors with their reward planning through the provision of salary benchmarking, reward strategy design and remuneration advice.  Projects have covered a wide range of issues, including:

• Appropriate salary levels across multiple locations
• Executive and senior management remuneration
• Benchmarking niche industry roles
• Variable pay
• Recruitment and retention issues

Whatever the issues faced, Reed Consulting's analysis is based on the gathering of reliable, relevant and timely pay data, in order to generate a full picture of the external pay range  or practice applicable, and how this compares to current reward schemes.  Further advice or recommendations can then be based on a full understanding of the external conditions that will influence ongoing success.

Reward benchmarking  is part of Reed Consulting's Strategic Research services.  Our consultants conduct desk and field research, utilise public information sources and draw upon unique data gathered through the Reed organisation’s global network, to provide a range of highly-tailored research and analysis services, including:

• Pay and reward benchmarking
• Labour market research
• Benchmarking HR metrics
• Employer brand assessment
• Attraction strategy assessment
• Local talent pool analysis
• Recruitment feasibility studies
• Diversity analysis
• Employee surveys

Workforce Insight Services

For organisations looking for an effective off-the-shelf solution, we have developed a range of the most relevant labour market research reports to arm employers with the information needed to not only fine-tune recruitment and HR strategies but to generate best value from a budget.

Workforce Insight Services comprise salary and benefits benchmarking; labour market reviews for volume and specialist recruitment and sector-specific reviews in a tailored package. Covering one year, each package can be delivered quarterly, or at specific times to fit your budgeting or planning schedule.

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