{"id":8109,"date":"2013-01-29T11:30:10","date_gmt":"2013-01-29T11:30:10","guid":{"rendered":"http:\/\/vskills.in\/certification\/tutorial\/?p=8109"},"modified":"2024-04-12T14:14:04","modified_gmt":"2024-04-12T08:44:04","slug":"compensation-benchmarking","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/compensation-benchmarking\/","title":{"rendered":"Compensation Benchmarking"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><a ref=\"magnificPopup\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Compensation-Benchmarking-1.png\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"400\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Compensation-Benchmarking-1.png\" alt=\"Compensation Benchmarking\" class=\"wp-image-95918\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Compensation-Benchmarking-1.png 750w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Compensation-Benchmarking-1-300x160.png 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/a><\/figure>\n<\/div>\n\n<p><\/p>\n<p><strong>Compensation Benchmarking-<\/strong> Compensation benchmarking is the process of comparing a company\u2019s compensation levels and practices against those of other companies (i.e. the \u201cmarket\u201d). It involves defining, valuing, analyzing, and summarizing<br>market data and comparing against the target company. The output of benchmarking may serve as one of many factors in the compensation committee\u2019s executive pay decisions.<\/p>\n<ul>\n<li><strong><span style=\"line-height: 1.714285714; font-size: 1rem;\">evaluate<\/span><\/strong><\/li>\n<li><strong><span style=\"line-height: 1.714285714; font-size: 1rem;\">classify<\/span><\/strong><\/li>\n<li><strong><span style=\"line-height: 1.714285714; font-size: 1rem;\">compare<\/span><\/strong><\/li>\n<li><strong><span style=\"line-height: 1.714285714; font-size: 1rem;\">adjust<\/span><\/strong><\/li>\n<li><strong><span style=\"line-height: 1.714285714; font-size: 1rem;\">monitor.<\/span><\/strong><\/li>\n<\/ul>\n<p><a ref=\"magnificPopup\" href=\"http:\/\/vskills.in\/certification\/tutorial\/wp-content\/uploads\/2013\/01\/download.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-27579 aligncenter\" src=\"http:\/\/vskills.in\/certification\/tutorial\/wp-content\/uploads\/2013\/01\/download.jpg\" alt=\"download\" width=\"272\" height=\"185\"><\/a><\/p>\n<p><strong>The benefits of pay benchmarking<\/strong><\/p>\n<p>One of the primary goals when setting the level of remuneration for a job is to match it to the \u2018market rate\u2019. In simple terms, this means paying enough so that you can easily recruit and retain your staff, while not paying more than you have to (which would have an inflationary and detrimental effect on budgets). To determine the prevailing rate for a job, organisations can benchmark jobs against data from other organisations and industries, comparing the rates of pay offered for similar jobs.<br>In the private sector jobs are often valued using a market pricing approach. With the market pricing approach, people are compensated in relation to the market value of their job, regardless of their level in the organisation. Within local government, jobs are required to meet internal equality standards, so that similar jobs are compensated at similar levels. This can create tension between the need to meet equalities duties and the desire to target pay at the right rate for the market (although as we will see later this can be overcome through the use of market supplements). Despite this tension, pay benchmarking remains one of the single most important elements of accurately assessing the levels of pay that an organisation should offer.<\/p>\n<div class=\"apply\">\n<h5>Apply for Compensation and Benefits Certification Now!!<\/h5>\n<p><a href=\"http:\/\/www.vskills.in\/certification\/Certified-Compensation-and-Benefits-Manager\">http:\/\/www.vskills.in\/certification\/Certified-Compensation-and-Benefits-Manager<\/a><\/p>\n<\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><a href=\"https:\/\/www.vskills.in\/practice\/compensation-and-benefits-manager\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"961\" height=\"150\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/1Y0-204-Citrix-Virtual-Apps-and-Desktops-7-Administration-1.png\" alt=\"\" class=\"wp-image-95363\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/1Y0-204-Citrix-Virtual-Apps-and-Desktops-7-Administration-1.png 961w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/1Y0-204-Citrix-Virtual-Apps-and-Desktops-7-Administration-1-300x47.png 300w\" sizes=\"auto, (max-width: 961px) 100vw, 961px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p><a href=\"https:\/\/www.vskills.in\/certification\/tutorial\/compensation-and-benefits-manager\/\" target=\"_blank\" rel=\"noreferrer noopener\">Go back to Tutorial<\/a>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <a href=\"https:\/\/www.vskills.in\/certification\/certified-compensation-and-benefits-manager\" target=\"_blank\" rel=\"noreferrer noopener\">Go to Home Page<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Compensation Benchmarking- Compensation benchmarking is the process of comparing a company\u2019s compensation levels and practices against those of other companies (i.e. the \u201cmarket\u201d). It involves defining, valuing, analyzing, and summarizingmarket data and comparing against the target company. The output of benchmarking may serve as one of many factors in the compensation committee\u2019s executive pay decisions&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[3328],"tags":[3878,3876,3877,6740,3016,3022,3875,3879],"class_list":["post-8109","page","type-page","status-publish","hentry","category-hr-compensation","tag-adjust","tag-classify","tag-compare","tag-compensation-and-benefits-manager","tag-compensation-and-benefits-manager-certification","tag-compensation-benchmarking","tag-evaluate","tag-monitor"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Compensation and Benefits Tutorial | Compensation benchmarking<\/title>\n<meta name=\"description\" content=\"Compensation benchmarking is the process of comparing a company\u2019s compensation levels and practices against those of other companies (i.e. the \u201cmarket\u201d)\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/compensation-benchmarking\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Compensation and Benefits Tutorial | Compensation benchmarking\" \/>\n<meta property=\"og:description\" content=\"Compensation benchmarking is the process of comparing a company\u2019s compensation levels and practices against those of other companies (i.e. the \u201cmarket\u201d)\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.vskills.in\/certification\/tutorial\/compensation-benchmarking\/\" \/>\n<meta property=\"og:site_name\" content=\"Tutorial\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/vskills.in\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-12T08:44:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Compensation-Benchmarking-1.png\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/compensation-benchmarking\/\",\"url\":\"https:\/\/www.vskills.in\/certification\/tutorial\/compensation-benchmarking\/\",\"name\":\"Compensation and Benefits Tutorial | Compensation benchmarking\",\"isPartOf\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/compensation-benchmarking\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/compensation-benchmarking\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Compensation-Benchmarking-1.png\",\"datePublished\":\"2013-01-29T11:30:10+00:00\",\"dateModified\":\"2024-04-12T08:44:04+00:00\",\"description\":\"Compensation benchmarking is the process of comparing a company\u2019s compensation levels and practices against those of other companies (i.e. the \u201cmarket\u201d)\",\"breadcrumb\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/compensation-benchmarking\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.vskills.in\/certification\/tutorial\/compensation-benchmarking\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/compensation-benchmarking\/#primaryimage\",\"url\":\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Compensation-Benchmarking-1.png\",\"contentUrl\":\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Compensation-Benchmarking-1.png\",\"width\":750,\"height\":400},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/compensation-benchmarking\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.vskills.in\/certification\/tutorial\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Compensation Benchmarking\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.vskills.in\/certification\/tutorial\/#website\",\"url\":\"https:\/\/www.vskills.in\/certification\/tutorial\/\",\"name\":\"Tutorial\",\"description\":\"Vskills - 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