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adapt its salary policy thanks to the benchmark

A benchmark, what exactly is it?

It is a marketing technique that consists of a very palpable comparative approach as proposed by the Figures remuneration application, for example. A given company observes the performance of another company as well as the good practices that the latter implements. Based on this observation, the first company compares and analyzes these performances with a view to improving its competitiveness and productivity.

Since the challenge is to draw the best from the practices of other companies, the benchmark goes beyond the scope of competitive intelligence. It can be extended to other sectors of activity to draw inspiration from their managerial practices or their marketing processes.

A business leader can use 3 different types of benchmark:

The strategic benchmark

The process aims to identify the winning business strategies of successful companies to apply them to its own strategic approach. This helps to find the best way to grow in the face of market players.

The performance benchmark

It is a question of comparing its services and its products with those present on the market in order to determine their solidity compared to those of the competitors.

Here, the objective is to study the functioning and to discern the good practices of other companies in order to implement them with a view to improving their own processes. Once the weak points of its products have been identified, the company sets about compensating or repairing them.

What is the salary policy?

It is the set of rules that determine the elements of remuneration of a company. These rules correspond to a strategy or a guideline designed to guard against possible risks of error, dissatisfaction or excesses. These risks are possible in the case where the remunerations are determined by only individual negotiations.

The main issues of a salary policy are: employee commitment, satisfaction and purchasing power. A conventional salary grid applied automatically is insufficient, although necessary. It is then necessary to define tools and criteria which are specific to the company to fix, then to evolve the remunerations with coherence according to the objectives and the constraints. This is where the benchmark comes into play.

How to adapt your salary policy to inflation thanks to the benchmark ?

It is undeniable, the market is one of the important parameters in the development of a remuneration policy. Good performance requires observing competitors’ practices and adapting to the market context.

It is indeed essential to learn how to carry out a benchmark or a comparative study of salary practices. This will allow you to position yourself vis-à-vis the competitors. To be both attractive and consistent, the key is to determine their practices regarding:

– the level of wages;

– the advantages offered

– the remuneration structure.

We offer you the use of the application which allows you to make an instant comparison of your salary policy vis-à-vis competitors. With just a few clicks, you can view, analyze and compare your salary data across all markets. Thanks to the Figures application, you will be able to:

– Compare the remuneration of your employees on the market.

– Analyze whether underpaid employees are at risk of leaving the company.

– Make decisions based on real-time data.

– Have an overview of your salary policy.

– Develop an audit of your gender situation. You will obtain this audit via unique and innovative indicators.

Wondering how to compare market salaries with the Figures app? The comparison is as simple as possible:

– You just need to drive a very simple platform. You will just have to make a classification by market, by profession and by position. You will be able to discover and refine your positioning.

– You make sure to compare yourself to companies that look like you. You will then be able to filter all the data necessary to measure yourself against the market.

– You will be able to detect who among your employees is well paid and who is underpaid.

The Figures application saves you time and efficiency in the salary grid review process thanks to the reliable and accurate market data it provides.