Are your people getting the salary they deserve?
Competitive pay levels are critical for a successful organization and a motivated workforce. Which means pay levels should be distributed fairly within your organization and on-par with your competitors. Mercer’s Market Pricing service provides you with market benchmarks across more than 100 markets covering, on average, 400 benchmark positions from senior management to administrative level.
You’ll be able to compare complete pay practices for basically any position anywhere in the world without having to sort through volumes of survey data, allowing for easier decision-making. You will receive a thoroughly analysed report providing the information you need to make detailed individual remuneration decisions. And in addition to compensation data, Mercer’s Market Pricing service provides also key benefits data for the specific position.
Employee pay often represents a company’s largest expense. As businesses globalize, there is greater need for reliable and cost-effective
means of surveying the marketplace pay and reward structures.
Consider these questions:
- Do you know that a 5% salary underpayment is enough to send your key talent to the competition, but not enough to motivate your marginal employees to leave?
- Do you know that overpaying 25 employees by approximately 2% costs your organization more than NOK 200,000 per year and does little to motivate key employees to stay?
- Do you know exactly what kind of benefit package to offer for a new role in your organization?
No company can afford to overlook compensation strategy, since the risks of a poorly conceived and executed pay program include high turnover, suboptimal talent and failed ventures. Although compensation acts as remuneration for work provided, it can also motivate employees to exceed expectations in their performance.
When economic uncertainty forces firms to reduce costs, access to market data grants companies a highly valuable commodity: choice. Those able to identify cost-effective locations to expand or shift operations are better positioned to exploit the market. Indeed, knowledge of the variation in pay level across markets can offer management a significant advantage over competitors.