Which primary data source(s) will provide the best balance of scope, reliability, and cost for your specific needs?
Which secondary data sources will we need to access to compliment your primary source?
How will you communicate your use of these data sources to your employees to maintain trust and transparency in your compensation practices?
A relevant and reliable data source serves as a critical basis for constructing salary bands. While there are many available sources, it's challenging to find one that completely satisfies all your needs - covering all your roles, locations, and enabling comparison with similar companies.
Start by choosing a primary data source, also known as a 'Give to Get' salary benchmarking provider. In this arrangement, you trade your organisation's salary data for benchmarking data. Such providers are known for providing reliable and validated salary benchmarks and also offer a levelling structure for alignment, ensuring an 'apples to apples' comparison. This levelling structure combined with job families is crucial for standardising the data set and distinguishes them from secondary sources.
Examples of these providers include: