The Importance of Salary Benchmarking
Salary benchmarking is important, as offering competitive employee salaries is needed to attract and retain top talent. However, as more employees work remotely across various states and countries, salary benchmarking has moved away from solely role-based salaries, and towards a combination of role-based and location-based salaries. Guenther Eisinger, co-founder of Omnipresent, shares insight on the importance of salary benchmarking and how companies can effectively conduct it.
Time Stamps
00:00 Skye Schooley introduces Guenther Eisinger
00:30 What is salary benchmarking?
00:45 Guenther Eisinger, co-founder of Omnipresent, breaks down what salary benchmarking is and what it is used for.
02:03 Why is salary benchmarking important?
02:13 Eisinger explains the importance of salary benchmarking.
02:53 How do you conduct salary benchmarking?
03:03 Eisinger explains how to conduct salary benchmarking for employees in one location, as well as employees in multiple locations.
06:10 How often should you examine an employee's overall salary structure?
06:26 Eisinger shares his thoughts on how frequent you may want to conduct salary benchmarking.
07:35 Eisinger offers final advice on the salary benchmarking process.
Salary benchmarking is something that every business with employees must do. You will need to create competitive employee salaries to attract new employees, and then conduct annual salary benchmarking to retain current employees. Skye Schooley, staff writer of business.com, interviews Guenther Eisinger, co-founder of Omnipresent, to learn what salary benchmarking is and how to properly conduct it.
Skye Schooley is a staff writer for business.com.
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To learn about other forms of employee compensation you can offer, like employee benefits, watch • Popular Employee Benefits You Should ...
To learn how to prepare for performance appraisals, watch • Preparing for Performance Appraisals
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