Compensation benchmarking is the best way to accurately find out the going salary rates for your jobs
With ERI’s salary benchmarking solution, you can compare your compensation packages to those of your peers and make data-based decisions to attract top prospective candidates and retain high-quality employees.
With ERI’s salary benchmarking solution, you can compare your compensation packages to those of your peers and make data-based decisions to attract top prospective candidates and retain high-quality employees.
What ERI’s Salary Benchmarking Tool Can Do
Deliver compensation benchmarking data to your fingertips
Easily compare employee salaries with market benchmarks for every job title, function, and location at your business. Upload and compare your employee pay data to see if you are spending too much or too little. Offer competitive compensation packages based on current, reliable, and accurate salary data.
Attract and engage exceptional talent
Ensure your jobs are priced competitively against similar jobs on the market. Utilize compensation benchmarks to make fair and equitable pay decisions that entice top candidates and help your employees feel valued.
Stay ahead of the competition
Find market rates for jobs by understanding what your competitors are offering based on organization size, location, and industry. Customize jobs based on experience, education, direct oversight, shift work, skills, and certifications (including security clearances) for accurate pay analyses.
Reliable salary survey data from trusted sources
ERI Economic Research Institute has been in the business of compensation data for over 35 years. Our methodology consists of a rigorous process to vet, verify, and validate a curated database that organizations trust.
Advanced job matching
Easily match internal job titles to ERI’s database using custom job titles and job descriptions, AI-powered job matching, or hybrid positions to maximize the accuracy in market pricing. Store and retrieve data about internal jobs for continued benchmarking and compensation planning.
Ability to fine-tune analyses
Benchmark base salary, incentive, long-term incentive, and total cash at various percentiles with customized pay periods for multiple jobs at once. Compare job titles by postal code or cities within a radius of another.
How Our Compensation Benchmarking Software Levels Up Your Planning
Quick and Efficient
Make Pay Decisions Backed by Proven Data
Responsible Pay Practices
SCHEDULE A GUIDED TOUR
See ERI’s Assessor Platform in Action
Explore our products and see how ERI can easily streamline your salary benchmarking.
Salary Benchmarking FAQs
What Is Salary Benchmarking?
Salary benchmarking, also known as compensation benchmarking, is the process of making pay comparisons to similar jobs in other organizations using external market data. Compensation benchmarks help ensure that your jobs are priced competitively.
Why Is Salary Benchmarking Important?
Salary benchmarks help your organization stay current with market trends so that you can offer fair, equitable, and competitive compensation packages that attract top talent and make your employees feel valued.
What Is the Process of Salary Benchmarking?
Salary benchmarking consists of gathering compensation data, performing market research, analyzing your data, creating a compensation strategy, and determining fair and equitable salary ranges for your positions against the market. Generally, this is done by purchasing individual salary surveys related to your company’s particular industry.
With ERI’s Assessor Platform, you can easily streamline your salary benchmarking process with access to our robust salary survey database, allowing you to compare your jobs with market benchmarks and determine competitive compensation levels.
What Factors Go into Salary Benchmarking?
Consider these factors that can influence your salary benchmarking: industry, organization size, geographic location, job responsibilities, education level, certifications, and skills. ERI’s Assessor Platform allows you to customize your analysis based on these factors, which can help you determine precise pay rates for your jobs.
Why Should Your Organization Benchmark Salaries?
Performing a compensation benchmarking analysis allows your organization to compare salaries and benefits, such as health insurance, retirement plans, and cash bonuses, against your competitors so that you can make informed, data-based compensation and budget decisions that keep up with the marketplace.
What Are Salary Benchmarking Best Practices?
- Define your salary benchmarking goals based on your organization’s specific needs and requirements.
- Use a diverse set of sources for up-to-date and reputable salary survey data that reflects changing market conditions.
- Choose similar competitors to compare your salaries against based on size, location, industry, or other factors.
- Communicate compensation decisions transparently to employees to foster trust and engagement.
For more best practice tips, check out our blog:
