Cogito’s latest client is a business and digital transformation consultancy that specialises in building great relationships, while designing and delivering some of the world’s largest and most complex transformations.
The Project Brief
Our client engaged Cogito for a comprehensive salary benchmarking initiative, to conduct an in-depth analysis of remuneration packages for consulting and operational roles in the UK, US, and Ireland. The aim of this review was twofold:
- to establish an external benchmark to support the upcoming performance reviews in January by gaining a detailed understanding of their offerings in comparison to competitors in the business consulting sector, including job titles, roles, salaries, and rewards, and
- to provide data to help them design their internal salary banding structure.
What We Did
To provide our client with the most relevant and up-to-date remuneration data, we conducted a thorough analysis of role-specific data and insights. By examining trends at skill, sector, geography, and company levels, we were able to offer more targeted information than generic salary survey reports.
We collected data from a range of desk-based sources, including the ONS, paid benchmarking platforms with payroll and job advert data, and open sources. This enabled us to provide our client with a comprehensive remuneration benchmark across various roles. Through this process, we were able to establish:
- Current/Desired Salary and Benefits Packages: Average current and desired salaries for professionals in each field, with location considerations.
- Bonuses and Premium Payments: Identification of bonus frequency and importance for professionals, considering their seniority.
- Remuneration and Organisation Analysis: In-depth research on characteristics and activities, discerning key drivers to base salary and total package.
- Optimal Flexible Working Situations/Home Working: Understanding candidates’ preferences for flexible and home working options.
What We Discovered
Our research yielded vital insights, including:
- Percentage of bonuses aligning with the market median and their significance to candidates.
- Quantity of base salaries surpassing external benchmarked medians.
- Prevalence of healthcare and the importance of pensions to candidates.
- Candidate preferences for hybrid working, specifically in Ireland. “The housing shortage has also led to increased pressure on organisations to provide flexible work, with 41% reporting a high demand for hybrid/remote working.”
We presented detailed information on averages, salary distributions, and market positioning breakdowns. The data was presented in real-time charts with customised filters. But that’s not all – we go beyond just presenting hard data. We go beyond just presenting numbers. Our team provided in-depth consultation and feedback, highlighting unique trends and providing valuable context around the data, allowing for a more complete understanding of the information presented.
What Next?
Our team can collaborate with yours to unlock the full potential of the data presented.
As we move forward with the salary benchmarking project, we can use the data to drive actionable results. Here are some examples of next steps:
- Conduct a gap analysis.
- Develop a reward strategy.
- Evaluate job descriptions.
- Devise a career path program.
Overall, the salary benchmarking project presents an opportunity to improve the competitiveness of the organisation and increase employee satisfaction and engagement. By leveraging the data provided, we can take tangible steps towards achieving these goals.
Gain Advantage Over Your Competitors!
Cogito assists businesses in improving and gaining a competitive edge by providing market trend insights, identifying gaps, and uncovering opportunities. Regular benchmarking empowers companies to adapt their people plans, staying current and gaining a competitive edge.
Explore our demo or reach out to us for more information and give your business a competitive advantage!
