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Compensation

It's not all about the Benjamin's....but it is mostly.

Are you paying your people competitively with the market?  Are your employee benefit packages attractive? Or are you just keeping up?

Want to learn about salary benchmarking, bonuses, commissions, and employee benefits?

Dollars

Compensation Basics

The Baseline: Salary Benchmarking

TL;DR  Benchmarking salaries lets you know what salary/wage rates are competitive in order to pay people fairly and prevent them from being poached. Here are my top 4 recommendations for companies that will get you accurate salary data:

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The Economic Research Institute is my top pick. IMHO the pricing for a user license is the best around. There is no limit the number of positions you're allowed to benchmark. They have a wide variety of tools that can be bought a la carte.

 

ERI pulls their data from a significantly larger portion of companies in the US than many of their competitors. Their tools allow users to really drill down into specifics based on city, geography, years of education, exp. etc. They also have the ability to create blended/hybrid jobs which was a feature truly unique to their product.

The must-have purchase from them is the Salary Assessor tool that helps benchmark base salaries and bonuses.

They also have:

  • Relocation Assessor

  • Geographic Assessor

  • Executive Compensation Assessor - delves specifically into executive compensation/ equity / stocks /options.

 

For those in renewable energy - as of 2021 they have data from around 50 in the renewable or solar companies in the US. 

1. Click here for their Product Brochure showing examples of the various Assessor tools mentioned

2. Why ERI

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