When you’ve gone through a long recruitment process and found a candidate who you feel matches your company culture and demonstrates the right skills, the last thing you want is for them to turn down your job offer.
The reasons why candidates turn down offers vary hugely. For some it may be a change in circumstances, for others it may be because of something more within your control. For example, it could be down to the remuneration package.
In this blog I take a look at why benchmarking salaries is so important for Peterborough businesses in particular, and why our annual Peterborough Salary Survey could be the ideal tool for you to get the data you need to improve your recruitment and retention.
What is a salary survey and how can it help benchmark salaries?
Salary benchmarking is an extensive and thorough process, one that is usually completed for one company alone at an expense but with very thorough and detailed results.
However, a salary survey can be a very useful tool for those not able to justify the expense of a full benchmarking report or if they are looking for key headline figures and details that can help them get a picture of what’s being offered locally.
A salary survey of the local area is a great way to get the data on businesses that are competing for the same talent as you. It will give you details such as:
- How prevalent certain job benefits are
- The average pension contribution an employer and employee makes
- Salary per job role
- Average increases or decreases in salary per job role and on a more general scale
Why is benchmarking salaries important for Greater Peterborough businesses?
Benchmarking salaries in Peterborough and the surrounding areas may be more important than you think.
This year, Peterborough was named as the ninth fastest growing city in the country. That means new talent is coming into the area. Many professionals look to leave London, but still want the ability to travel to and from the capital with ease and enjoy great connections to the rest of the country. Peterborough is the perfect city for just that, meaning those moving from London could be a great catch for local employers.
Not only that but there is a real diversity of business in the Peterborough area. Attend any networking event in the city and you’ll meet professionals from sectors spanning from publishing through to FMCG and engineering.
With so many different businesses in the local area it’s important to remember that there will be competition for the highest calibre candidates – and some of them may be able to offer a benefit that’s not feasible for your business. For example, flexible working is considered the most desired job benefit in Peterborough, according to our flexible working campaign.
If flexible working isn’t possible for the role you’re recruiting for, and in many cases it may not be, then it may be worthwhile considering other ways you can offer a benefit that promotes a healthy work/life balance.
A salary survey for the Greater Peterborough area can give you an idea of the benefits you should be keeping in mind.
How can it help with both your recruitment and retention?
Because a salary survey gives you information on what remuneration packages are being offered locally, you’ll then be able to tailor what you’re offering to both current and potential employees.
You’ll be able to critically evaluate whether what you’re offering really is competitive enough.
On a national level, the Recruitment and Employment Confederation (REC) reported in June 2015 that 70 per cent of employers are planning to increase head count in the next four to 12 months.
If you look at that statistic from a retention point of view, you’ll want to make sure your current employees are satisfied with their salary and benefits to encourage them to stay within your organisation instead of looking elsewhere.
From a recruitment point of view, it’s clear that employers are going to be competing for the same candidates in a market that is currently very candidate driven.
You can find out more about recruitment trends we’re expecting to continue seeing in 2015 in Jo’s blog: What recruitment trends are we expecting to see in the next 12 months?
Working with HR departments across Peterborough, we know that time is short but you’re keen to understand the bigger picture of salaries and benefits locally. It may feel like a lengthy process to start benchmarking your salaries but a local salary survey, like ours, can give you a real head start – and a few moments spent completing a salary survey, so you can receive the full results, is definitely worth it if it helps you retain and recruit the right people.
I would love to hear your opinions too – why do you think benchmarking salaries is so important in Peterborough? Is it something you do regularly? Or do you have any reservations about it? Please leave a comment below, I look forward to reading them.