{"id":3036,"date":"2021-08-16T21:39:49","date_gmt":"2021-08-17T01:39:49","guid":{"rendered":"https:\/\/www.citationcanada.com\/?p=3036"},"modified":"2025-10-03T16:34:55","modified_gmt":"2025-10-03T16:34:55","slug":"compensation-and-benefits-benchmarking-your-tool-for-best-practices","status":"publish","type":"post","link":"https:\/\/www.citationcanada.com\/fr\/blog\/article\/compensation-and-benefits-benchmarking-your-tool-for-best-practices\/","title":{"rendered":"Compensation and Benefits Benchmarking: Your Tool for Best Practices"},"content":{"rendered":"\n<p><span style=\"font-family: arial, helvetica, sans-serif; color: #28292b;\">In today\u2019s tough labour market, offering the right mix of compensation, benefits, and perquisites can help land and keep great talent in your organization. Understanding how your current offerings measure up to the industry standards can help identify vital HR aspects that help in key decision-making, budgeting, reducing turnover, and setting a total rewards philosophy for the workforce. Let\u2019s look at how you can use market-benchmarking to meet and understand your organization\u2019s needs.<\/span><\/p>\n\n\n\n<p><span class=\"hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_rich_text\" data-hs-cos-general-type=\"meta_field\" data-hs-cos-type=\"rich_text\"><\/span><wp-block data-block=\"core\/more\"><\/wp-block><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-attracting-the-right-talent-for-your-organization\"><span style=\"color: #42337e; font-family: arial, helvetica, sans-serif;\">Attracting the right talent for your organization<\/span><\/h2>\n\n\n\n<p><span style=\"font-family: arial, helvetica, sans-serif; color: #28292b;\">You have found the perfect candidate for your open position and have made an offer, but the candidate declines\u2014they accepted an offer elsewhere. Is your organization offering a competitive package to new hires? You can assess the market\u2019s average going rate for your organization\u2019s roles using reports from credible benchmarking sources. You can also refer to the best practices for benefits, perquisites, and time-off entitlements in these reports. Understanding the total rewards package your organization is offering against market practices can make the difference in attracting new talent.<\/span><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-identify-and-deploy-the-best-practices-for-retaining-talent\"><span style=\"color: #42337e; font-family: arial, helvetica, sans-serif;\">Identify and deploy the best practices for retaining talent<\/span><\/h2>\n\n\n\n<p><span style=\"font-family: arial, helvetica, sans-serif; color: #28292b;\">Is your organization experiencing high turnover rates? Losing key talent can result in additional costs and time for hiring, training, and onboarding a replacement. High turnover can be caused by uncompetitive total rewards packages. Market benchmarking can help identify discrepancies your organization might have against competitive practices on base pay, incentives, benefit offerings, and time-off entitlements.<\/span><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-plan-for-employee-growth-and-development\"><span style=\"color: #42337e; font-family: arial, helvetica, sans-serif;\">Plan for employee growth and development<\/span><\/h2>\n\n\n\n<p><span style=\"font-family: arial, helvetica, sans-serif; color: #28292b;\">Creating growth, development, and promotional opportunities in your organization can help build a culture of engaged employees who see clear career options with you. Using benchmarking data for different position levels in a given field can help create a succession plan and career path for key roles. Having growth and development options available can help retain employees by building skills, knowledge, and experience.<\/span><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-enhance-your-decision-making\"><span style=\"color: #42337e; font-family: arial, helvetica, sans-serif;\">Enhance your decision-making<\/span><\/h2>\n\n\n\n<p><span style=\"font-family: arial, helvetica, sans-serif; color: #28292b;\">Understanding market best practices helps in many key decision-making scenarios. It helps determine the appropriate package to offer to new hires, develop salary ranges, analyse internal pay equity, determine salary increases for current employees, and prepare suitable offers for promotions.<\/span><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\"><\/h2>\n\n\n\n<p><span style=\"font-size: 12px; font-family: arial, helvetica, sans-serif;\">While Citation Canada, uses reasonable efforts to maintain this site\/blog and its Services in an up-to-date fashion, it does not warrant the completeness, timeliness or accuracy of any information contained on this site\/blog or any of its Services, whether in English or French, and may make changes thereto at any time in its sole discretion without notice. All information and Services provided by Citation Canada, are provided to members and\/or users \u201cas is\u201d, \u201cwith all faults,\u201d \u201cas available\u201d and at the sole risk of members and\/or users. Our human resources information and recommendations are based on seasoned, best practice field experience and should not be construed as legal advice.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In today\u2019s tough labour market, offering the right mix of compensation, benefits, and perquisites can help land and keep great talent in your organization. Understanding how your current offerings measure up to the industry standards can help identify vital HR aspects that help in key decision-making, budgeting, reducing turnover, and setting a total rewards philosophy for the workforce. Let\u2019s look at how you can use market-benchmarking to meet and understand your organization\u2019s needs.<\/p>\n","protected":false},"author":39,"featured_media":10773,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[41],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.citationcanada.com\/fr\/wp-json\/wp\/v2\/posts\/3036"}],"collection":[{"href":"https:\/\/www.citationcanada.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.citationcanada.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.citationcanada.com\/fr\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/www.citationcanada.com\/fr\/wp-json\/wp\/v2\/comments?post=3036"}],"version-history":[{"count":4,"href":"https:\/\/www.citationcanada.com\/fr\/wp-json\/wp\/v2\/posts\/3036\/revisions"}],"predecessor-version":[{"id":15613,"href":"https:\/\/www.citationcanada.com\/fr\/wp-json\/wp\/v2\/posts\/3036\/revisions\/15613"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.citationcanada.com\/fr\/wp-json\/wp\/v2\/media\/10773"}],"wp:attachment":[{"href":"https:\/\/www.citationcanada.com\/fr\/wp-json\/wp\/v2\/media?parent=3036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.citationcanada.com\/fr\/wp-json\/wp\/v2\/categories?post=3036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.citationcanada.com\/fr\/wp-json\/wp\/v2\/tags?post=3036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}