By assessing internal job salaries in comparison to their external market value, salary benchmarking enables membership-focused organisations to attract excellent candidates, boost employee satisfaction, and lower employee turnover throughout the membership sector.
Through the thorough analysis of major components of each defined role, employers are able to align their salaries with other membership focused organisations, whether in similar industries and beyond, to ensure they remain competitive.
Boost your organisation’s potential with Salary Benchmarking
There are a number of key steps involved in effective salary benchmarking, including:
- Identify the roles you want to benchmark.
- Collect data on salaries for similar roles in other membership organisations, or within the membership sector itself overall.
- Analyse the data to identify trends and patterns.
- Use the data to adjust your company’s salaries.
- Consistently monitor the results of your benchmarking efforts throughout the membership sector, and make adjustments as needed.
Worry not; we will help you to reduce the time, money and effort spent by handling these steps for you through our Salary Benchmarking service, exclusively designed for the unique requirements of the membership sector.
Dennis and Daniel, the two co-founders of Membership Bespoke, possess a combined experience of more than 25 years in membership sector focused recruitment. With a further joint knowledge of two decades in providing customised recruitment services delivering top-tier talent to help companies develop and grow.
They possess a wealth of knowledge in recruitment, particularly within the membership sector, making them the ideal people to attend to all of your salary benchmarking needs.
Maximise Employee Performance with Salary Benchmarking
Key Benefits of Salary Benchmarking for membership-sector focused organisations includes:
Attract top talent
In order to secure top talent, having competitive salary packages is crucial. Salary benchmarking allows you to ascertain the market rates of remuneration for your specific sector and roles, thereby enabling you to offer competitive pay.
As talent from the membership sector may be tempted by compensation from other domains, including the private sector, such benchmarking becomes increasingly important.
Improve employee satisfaction
If employees sense their salaries are appropriate for their workloads and roles, it can create job satisfaction that in turn heightens productivity. To guarantee reasonable wages, salary benchmarking can provide insight and be very beneficial in increasing overall employee satisfaction.
Ensure that you are compensating your employees equitably
Salary benchmarking is an invaluable asset for membership sector organisations looking to build success and retain the best employees.
Not only can it guarantee fair pay between all staff members, regardless of role and experience, but it also increases employee satisfaction, enhances talent attraction and ultimately can increase membership retention and engagement.
Implementing salary benchmarking can be a powerful strategy for any membership sector organisations who are also looking to create a thriving work culture.
Top Tips on How to Get Started with Salary Benchmarking
When choosing which sources to use, it’s important to consider the industry you’re in, the position you’re trying to fill, the level of experience you’re looking for – and most importantly, the time and resources you have internally to commit to the process.
In our experience, there are several ways to get started with salary benchmarking in the membership sector, including:
- Use a compensation survey: If you need data on wages for comparable roles in other organisations, various online salary surveys can assist.
- Talk to your peers: You can also talk to your peers in other membership-focused organisations could help you get their insights on salaries.
- Collect your own data: Once you’ve chosen your sources, you’ll need to collect data from them. This data will include information on salaries, benefits, and other compensation factors.
- Analyse your data – After collecting data, a thorough analysis should be carried out in order to discover any trends or similarities. This evaluation will enable you to figure out the appropriate compensation level for your sector and roles.
- Use your data to make decisions: Upon examining the data, it can be used to shape your organisation’s overall approach to compensation. For example, you could use it to determine whether you ought to augment wages, offer supplementary benefits, or change your reward structure.
- Keep your data up-to-date: To ensure sound decision-making concerning your organisation’s compensation strategy, it is crucial to ensure the data used for salary benchmarking is current. Pay and benefits can alter over time in your sector, therefore keeping your data up-to-date ensures you have accurate information when formulating your ongoing renumeration strategy.
Membership-sector focused Salary Benchmarking at your fingertips
Tap into the benefits of our Salary Benchmarking service and the 10+ years’ experience of our co-founder Dennis in staffing in the membership sector, and let us take care of it for you.
Why not schedule an introductory call with Dennis today to discuss your individual requirements.
Our team are here to handle any salary benchmarking needs for you in the membership sector, giving you back time, effort, and resources, while also being cost-effective.