Plunkett Pay Equity Framework Series – How to Benchmark External Competitiveness

Pay Equity and External Competitiveness

With today’s tight labor market holding steady and pay transparency increasing, it’s more important than ever to ensure your organization’s pay is competitive. That means looking to see how your company’s compensation compares to compensation in the market for specific jobs.

Known as benchmarking, its accuracy depends on the work you’ve done so far in describing jobs and the quality of the data that's available to compare those jobs to. Doing it right will give you an accurate assessment of where your organization's pay is compared to your competitors.

During our session, presenters, Amy Sica, Senior Compensation Data Consultant and Eric McMillan, Senior Compensation Consultant, shared benchmarking and market pricing best practices.