One of the UK’s leading independent providers of essential business technology has experienced rapid growth over the last five years through mergers and acquisitions. Employing over 800 individuals across the UK, with offices from the south coast to Scotland, our client looks after businesses’ IT, telecoms and connectivity services. Now a company of almost 1000 employees, they realised they needed to understand how they benchmark against their competitors and across their business divisions.
Having experienced discrepancies in pay and several different job titles for the same role, our client connected with Cogito to analyse current salaries within the market across approximately 350 job titles. Until this point, they have worked on reducing the number of job titles across the business, introducing regular pay reviews and job descriptions to help provide a fair and consistent approach to its employee’s pay. With the next pay review cycle pending, research and analysis was required to ensure more rigour is introduced around job titles to help retain and attract talent.
Before an extensive review of the marketplace, our Cogito People Insights team completed a discovery phase, working with our client to compile as much information about the business structure, job titles and current salaries. This period was also used to talk to some of the individuals identified in a spotlight role to get a deeper understanding of their current job title, salary, and package and draw out any uniqueness within the function, such as job tasks and skill set required. Cogito also gained valuable insight into what job titles should be, and the pay and benefits from the nine competitors identified.
Using a combination of telephone and desk-based research, the analysis helped to:
- Support the annual pay review cycle.
- Distinguish current salary bandings compared to that within the market.
- Identify appropriate job titles.
- Understand current trends in the market concerning pay and benefits.
- Help to retain and attract talent.
- Make evidence-based decisions upon salary budgeting.
All insights and recommendations were delivered as a report to our client to support their decision-making regarding future pay cycles and job title changes. The report can be filtered by department, seniority, job title, location and gender.
On average 7 out of 8 divisions have current base salaries that are lower than the external benchmarks
On average 23 out of 30 departments have current base salaries that are lower than the external benchmarks
36% of the role titles have current base salaries that are less than the lower decile of external benchmarks
How Will Our Client Use The Data?
Once they are armed with the facts, how will our client produce a robust, meaningful plan to shape their people strategies that aligned with their business goals? Taking the data to the last mile, we will work with our client to design and implement a strong pay and grading system. With a particular interest in understanding short term incentives (such as winter bonuses), rather than blanket pay increases, our client will be able to effectively use the data to introduce strategies such as clear pay frameworks, performance links to pay, and long-term incentive plans for critical talent. This will contribute towards the future state of their business by aligning job titles and pay bandings.
Let Cogito Help You With Salary and Reward Benchmarking …
Would you like to compare your salary offerings with your competitors? Do you need to make evidence-based decisions on salary budgeting? Cogito People Insights can help! Let us support you in providing accurate data and insights so that you can create competitive and affordable salary and reward packages. For further information on how Cogito can support your business, visit Salary & Reward – Cogito (cogitotalent.com) or contact Emma Naumann (email@example.com).
Chat With One of Our Experts
Need help Benchmarking roles? chat to one of our team.
Read More About Our Service
Want more information? Check out our Benchmarking page.