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Benefits of benchmarking salaries – how do you compare?

Posted by
20 Aug 2018
Sellick Partnership has recently published their Salary Guide & Market Insight Report 2018/19 providing valuable insights into salaries, remuneration packages and recruitment trends for the Finance & Accountancy sector across the North West, Midlands, North East and Yorkshire.

In this blog I will take a look at the benefits of candidates and clients benchmarking salaries, why it’s important and how you can use a Salary Guide to your advantage.

How can it help clients? 

After going through the recruitment process and finding a high-calibre candidate who fits in well with your company culture and has all the necessary skills for the role, the last thing you want to happen is to have the candidate decline your offer. There are many reasons for why this might happen, but one of the main reasons could be down to the remuneration or benefits package that is on offer. Nowadays, roles will often be rejected if they do not offer the right level of flexible working or additional benefits such as 25 day holiday allocation and sabbaticals. 

Candidates within the Finance & Accountancy sector are searching for roles that will allow them to have a healthy work/life balance, and with multiple generations now firmly in the workplace it is important that employers are up-to-date with the motivations of the current talent pool in order to remain competitive. By offering the right package in-line with competitors and the current market, employers will be able to attract the very best candidates.

The Sellick Partnership Salary Guide & Market Insight Report provides information on what salary and benefits packages are being offered in the North West, Midlands, North East and Yorkshire. By using this information you will then be able to tailor your offering to both current and future employees. The information provided in the guide will help you to evaluate your remuneration packages and find out if it is competitive enough compared with other salaries being offered in the market.

How can it help candidates?

When looking for a new role or speaking with your employer about a promotion, one of the first things anyone will always want to find out is what benefits are being offered, what the salary is, and how much can they expect to earn.
 
Whether you are applying for a new role, or negotiating a new rate with your existing employer, it is important to do your research and find out how you compare with others in the same role. By finding out what similar companies are offering to their employees, you will be in a much better position to ask for the right salary for your role. Industry information is valuable, and will help you when negotiating with a potential or existing employer.

Find out how you or your business compares today, and download Sellick Partnership’s Salary Guide & Market Insight Report 2018/19

If you are a finance professional looking to make your next career move, please click here to view our latest vacancies.
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