We’re all guilty of it. Whatever obscure question we need answering, we just tap it into Google and take the first answer we see as gospel regardless of the source of the information, how old it might be and even what country it’s from.
Lots of employers do this when they’re trying to set the salary range for a new role. They give it a quick Google and on that basis, decide what they’re going to pay a key new member of their team. Well, we’ve good news for you. Google is great for all sorts of things, but salary benchmarking is not one of them.
What is salary benchmarking?
Salary benchmarking is a vital part of any recruitment and retention strategy. It is the process by which you gather information on pay and benefits in your industry, so you can establish the market rate for a specific role. Once you have that market rate, you can choose where to pitch your salary to attract the best talent in your area.
There are all sorts of different factors that determine the market rate for a role. It’s not just the job itself, it’s also the local environment and economy, the experience required, the availability of skills and employee benefits. This kind of information can be difficult for employers to access, which is why they often end up on Google.
Why is salary benchmarking important in recruitment?
Very simply, having access to accurate salary data for your industry allows you to be competitive in the hiring process and attract the right people.
In the electronics industry, where the right skills are hard to come by, salary benchmarking helps you set a salary which is attractive to both active and passive candidates. It also enables you to override the unconscious biases that line managers and HR teams often have when making salary decisions.
When skills are scarce in the labour market, just as they are in the electronics, SMPS, UPS and semiconductor sectors, you may need to pay a premium. This is particularly relevant now, with inflation making it more difficult to meet salary expectations. Without the latest salary benchmarking data, you may no longer be offering an appropriate rate to attract the skills you need. Worse still, your existing talent could be poached by your competitors.
Leave salary benchmarking to your recruitment partner
Few companies have the time or resources to compile comprehensive salary benchmarking themselves, which is where Google comes in. However, the sort of salary surveys you’re likely to find online focus solely on the title of a role without digging into its scope, the level of experience required, its complexity or the location. And all these things are vitally important.
At PER International, we provide salary benchmarking for the electronics industry and have the latest salary data, not just for the UK, but also around the world. We take into account the specifics of each vacancy, the size of the business and team, the local economy and competitor pay rates to provide bespoke salary benchmarking advice to every client.
The electronics recruitment specialists
With over 30 years of experience in the global electronics and semiconductor sectors, we can provide the key salary data to help you secure the best electronics talent in today’s competitive recruitment landscape.
Find out more about the client journey or get in touch to discuss your recruitment goals with our team.
