Our recent project involved a fast-growing business within the Automotive industry. They had a range of roles planned to go live in 2022 and engaged with Cogito to conduct a comprehensive Remuneration Benchmarking project for senior positions. This research supported our client in understanding the expectations of their talent pool, improving their level of confidence that their remuneration proposition will be enticing enough to attract the right group of professionals.
Since being founded in 2012, our client has experienced rapid growth. Working within this environment is usually an exciting prospect, however, there are many challenges associated with working within a growing business. Our client was planning a significant recruitment process for a range of senior positions; however, they were both relatively unknown within the Automotive industry and limited in their knowledge of the market for professionals, as many of these roles would be new within the organisation. These factors limited their confidence in carrying out a successful recruitment process. They recognised that it was essential for them to fully understand the market’s remuneration expectations when speaking to potential candidates.
Research Processes
Cogito carried out desk-based research and telephone interviews with potential candidates. This mix of research methods enabled us to provide our client with a comprehensive Remuneration Benchmark across various roles with a high confidence level. From this, we were able to establish:
· Current/Desired Salary and Benefits Packages – average current and desired salary for professionals within each respective field, also recording the location for our client to take into consideration.
· Bonuses and Premium Payments – considering the seniority of some of the professionals we spoke to, some would likely receive bonuses and other premium payments alongside their salary. Our research was able to identify the frequency of these and quantify how important this would be to these individuals when seeking a new role.
· Remuneration & Organisation Analysis – extensive research regarding the characteristics and activities, identifying the key drivers to base salary and total package.
· Optimal flexible working situation/home working for potential candidates – understanding what flexible and home working options are available to candidates, analysing their preferences for a future role and how important this is to them when pursuing a new position. This range of research ensured that we could provide our client with a profile of the expectations of their talent pool which was representative of their potential candidates
Essential First Stage in Recruitment Process
Upon completing the research, we presented our findings to our client via our sophisticated insights provider. This enabled us to provide live charts alongside commentary and helped us to implement filters for our data, allowing us to segregate our findings according to each job role. This effectively allows our client to identify different trends within each job role and demonstrates our ability to support businesses with a wide range of job roles within the business.
This project served as an essential first stage of the recruitment process for our client. There would be two potentially damaging consequences if the business were to have proceeded with a recruitment process without this research. Firstly, our client would be at risk of having a distorted view of the remuneration expectations of their desired talent pool. If they were to offer potential employees a salary that was too low, they would be at risk of creating a negative perception, which is particularly dangerous for a growing business. Similarly, suppose the business was to offer too high of a salary. In that case, this could prove to be unnecessarily costly for the business and distort internal benchmarks in the future.
Cogito was excited to carry out such an extensive People Insights research project and looks forward to future projects of this nature.
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