How Can We Professionally Organize Staff Data for Compensation Benchmarking?

Dear Forum members,

My company is in the process of carrying out the compensation benchmarking of at least 30-40 staff to find out the difference between our pay and market standards, if any. We would like this to be done by agencies and professionals; however, before that, we would like to segregate them by roles/designations, experience, and salary levels.

Please share any formats in which we can collate our staff data to give it to agencies. This time we want to do it in a more professional and advanced manner.

Your help shall be greatly appreciated.

Dear Manu,

If you are conducting a salary benchmarking exercise with the help of external agencies/professionals (which I assume are consulting firms), the appointed agency will need to inform you about their required formats. The more established agencies may even provide you with a template to use. Please check with the agency for further details.

Regards,
Autumn Jane

Thank you for making that perfect point. I am currently looking for sample formats that are available so that we can request the agencies to incorporate any missing points into their formats. Regards

Dear Manu,

The templates provided by the agencies, although generic, should already capture at least 70% to 80% of the job essence. Using these templates as your base documents, you start by deleting what's not relevant to your organization and adding those that are required by your organization. Remember to work with respective departmental heads as they would know better the job requirements, including experience. This approach is more cost- and time-effective.

Regards,
Autumn Jane