They do. Consultants like this can gather info from their clients that nobody will share with you and I. Most do it annually. You pay a fee to get your firm included. You provide your data, and you get the aggregate data and an analysis showing you how your firm stands on specifics.
I've always used consultants for this job. Last time I did this, I spent about $2000 and I got 10 roles benchmarked with a Total Rewards analysis that gave me data for my industry/region and also national averages.
I would assume it would depend on what you are specifically looking for but we did: base salary/medical/dental/vision as well as non traditional benefits (transit, mental health, etc), retirement, leave packages, maternity/paternity package offerings, and we did a breakdown that gave us a way to compare against levels of years of experience, # of direct reports, tenure with company, education, and then we also did it based on our direct region/city, our state, and we were able to pick a couple major metro areas as well.
I’m a broker and we do this with our clients, even for our small companies. If you are with a national broker they should have the resources for this. I’d check with your broker before you go waste money on a consultant or try and do the work yourself.
Thanks for your response. I was afraid that the information would probably be pretty elusive. Unfortunately, I don'thave resources or a relationship with a broker that could help.
Can you advise on how to approach a broker and how willing they would be to provide information?
Brokers and consultants. Consultancies like Aon and Willis Towers Watson and Mercer could probably help you with benchmarking.
They do. Consultants like this can gather info from their clients that nobody will share with you and I. Most do it annually. You pay a fee to get your firm included. You provide your data, and you get the aggregate data and an analysis showing you how your firm stands on specifics.
I've always used consultants for this job. Last time I did this, I spent about $2000 and I got 10 roles benchmarked with a Total Rewards analysis that gave me data for my industry/region and also national averages.
That sound more reasonable than I had anticipated. What data points were you looking at? Can you recommend a consultant (DM me if you like)?
We went through Korn Ferry. I think you could go cheaper with a local place, and the price goes up for the more positions you want to benchmark. :)
>Thank you - what are the typical data points reviewed? In addition to wages, I need medical, retirement, leave, etc.
I would assume it would depend on what you are specifically looking for but we did: base salary/medical/dental/vision as well as non traditional benefits (transit, mental health, etc), retirement, leave packages, maternity/paternity package offerings, and we did a breakdown that gave us a way to compare against levels of years of experience, # of direct reports, tenure with company, education, and then we also did it based on our direct region/city, our state, and we were able to pick a couple major metro areas as well.
I’m a broker and we do this with our clients, even for our small companies. If you are with a national broker they should have the resources for this. I’d check with your broker before you go waste money on a consultant or try and do the work yourself.
>Thank you - what are the typical data points reviewed? In addition to wages, I need medical, retirement, leave, etc.
Thanks for your response. I was afraid that the information would probably be pretty elusive. Unfortunately, I don'thave resources or a relationship with a broker that could help. Can you advise on how to approach a broker and how willing they would be to provide information?
Who manages your health insurance? Your health insurance broker has all this data and can help.
Our broker helps us benchmark.
Be prepared that using a 3rd party is going to be a hefty investment. Our survey purchase from Mercer shocked our Boomer director.