Having a working and professional team or board for salary benchmarking in the UK for your business and keeping track of the numbers, along with finding appropriate pay wages for you, your employees, and future hires.
Through salary benchmarking in the UK, and using tools like Figures HR, you’re able to create proper compensation for your employees and the ideal market rate position that they work in.
How Does Salary Benchmarking in the UK Work?
The best way to figure out the right salary for any type of job or role in the workforce is to use a benchmarking tool to assist you. It’s very popular in different work environments and creates a sense of fairness to the workers, ensuring they get paid the correct amount when due.
When you use a salary benchmarking tool for your UK-based business, the tool compares a specific company’s job description with others and finds their pay ranges to match with others, if not better to ensure that your hire will stay possibly long term. You’re easily able to see the market salary for each individual job.
When you have a pay package to offer your employees, that offers the best salary for them in the long run, it will keep the employees with you for a long period of time, keeping them engaged with your company and not running off to competitors. Through benchmarking salary tools, you’re able to gain an edge against competing industries.
What Is A Good Salary Benchmarking Expectation In The UK?
Finding what salary benchmark in the UK works for your business and employees ultimately depends on the type of business you’re running and the hires you have. No company or industry is the same, which is why having a benchmarking tool is an absolute must.
On average for a basic business, earnings for a full-time employee can range from around £611 per week. As mentioned previously, this ultimately depends on the type of business that employees work for, the type of work they’re doing, and in most cases how the economy is at that current time.
Due to the pandemic and inflation on major priorities like housing and basic household items, whether or not salaries will increase slightly or even at all, is unfortunately unlikely. Because of the nature of the virus and the decrease and unpredictability of the economy during the time of when we had the pandemic, the reality of anyone getting a pay rise of any kind, in any and or all businesses, will be uncertain for a long period of time.
What Does Gender Pay Gap Have to Do With Salary Benchmarking In The UK?
To understand what salary benchmarking tools for the UK have to do with the gender pay gap, first, you need to know what the gender pay gap even is, and why it still applies even now in the 20th century.
The gender pay gap is the known difference between how much men and women get paid compared to each other. Generally, women are paid less than men because of a number of different reasons, but mainly because female-dominated professions are lower paying. In other cases, it’s the conscious or unconscious discrimination by employers and how much they deem the women should be paid.
But what does it have to do with salary benchmarking in the UK? Well, when you have a salary benchmarking tool at your disposal, creating a more fair and justifiably equal pay for both men and women is a factor. It takes into account the differences and similarities, like age, location, and hours of work.
You’re able to greatly improve the evolution of your pay scale that’s fair and just to your hires like the male/female salary gap, among other performance indicators.
Final Thoughts
If you’re looking to offer a better and more accurate pay package to employees, that offers the best salary for them in the long run and builds higher engagement in your company, then solutions such as Figures HR which is a salary benchmarking tool in the UK is definitely something you should look into.
