We're aware of a global phishing scam impersonating employees via email, WhatsApp, and Telegram, but no PageGroup systems have been breached. Find out how to protect yourself
Browse our jobs and apply for your next role.
Reach out to us or discover some great insights that could help you fill your next vacancy.
PageGroup changes lives for people through creating opportunity to reach potential.
We find the best talent for our clients and match candidates to their ideal jobs.
Did you know that 50% of professionals say salary is the most important factor when moving for a new role? Attracting top talent to fuel a skilled workforce is crucial for any organisation's success. A key part of this is offering competitive salaries. But how do you know what's "competitive"? That's where salary benchmarking comes in.
With competition for the top talent rife, it’s no wonder that 60% of UK organisations struggled to hire talent, with matching salary expectations pegged as the top reason by 49%.
Salary benchmarking is the process of comparing your company's pay to what others in your industry are offering. It helps you understand how your salaries and benefits stack up against the market for roles in your industry, region, and identify areas where you might be falling short or overspending.
Here we dive into some of the key reasons why organisations should invest in regular salary benchmarking.
If you’re looking to learn how to salary benchmark, check out our simple salary benchmarking breakdown. And, if you’re tired of pouring time into scouring the Office for National Statistics, we’ve made life easier by analysing hundreds of roles across 15 sectors to bring you compiled average UK salary data. Plus, find data backed hiring and workplace insights to feel confident in shaping an effective talent strategy for 2025, all by downloading a free copy of Michael Page Salary Guides:
Imagine you're a talented software engineer. You're likely to research salaries before accepting a job offer. If your company's pay is significantly below market value, you might choose a competitor offering better compensation. Salary benchmarking helps you stay competitive and attract the best candidates. For example, if the market rate for a Senior Marketing Manager in your city is £80,000-£90,000, and you're only offering £70,000, you risk losing out on qualified applicants.
Benchmarking helps you establish internal pay equity. By comparing salaries for similar roles across different departments, you can identify and address any discrepancies that might exist based on gender, race, or other biases. For instance, you might discover that two Project Managers with similar experience and performance are being paid differently. Benchmarking data can justify salary adjustments to ensure fairness.
What’s more, statistics reveal the average UK employee works three extra weeks annually uncompensated, due to expanded remits and increased workloads. Regularly reviewing how you pay and reward staff, and aligning rewards with extra effort, businesses can foster a culture of excellence and drive performance to new heights.
While it might seem counterintuitive, benchmarking can actually help you control costs. By understanding the market rate for specific roles, you can avoid overpaying for certain positions while ensuring you're paying enough to attract and retain talent in critical areas. If the market rate for a Junior Data Analyst is £30,000-£35,000, offering £40,000 might be unnecessary and impact your budget.
Employees who feel fairly compensated are more likely to be satisfied, engaged, and productive. Knowing their pay is in line with market standards boosts morale and reduces turnover. If employees constantly worry that they are underpaid, their performance and loyalty can suffer.
The job market is constantly evolving. Regular benchmarking helps you stay informed about current salary trends and anticipate future changes. This allows you to proactively adjust your compensation strategies and remain competitive. For example, if you notice salaries for cybersecurity professionals are rapidly increasing, you can adjust your compensation packages to attract and retain those in-demand specialists.
Whether you're hiring new employees, promoting existing ones, or adjusting salaries, benchmarking provides valuable data to support your decisions. Instead of relying on guesswork, you can make informed choices based on real market data.
Download Michael Page Salary Guides to get started. Simply complete our form to tell us where to send it!
Get your free copy
