Compensation Benchmarking
Learn how your organization can benefit from compensation benchmarking.
Compensation Benchmarking to Make Better Salary Decisions
To attract and retain talent in competitive and ever-changing markets requires more data and insights than ever before. Aon’s compensation data provides a robust foundation for your talent strategy.
Is your Rewards Strategy Competitive?
To find out whether your rewards strategy is competitive, you can access one of the largest sources of rewards intelligence anywhere in the market. This enables you to compare your rewards strategy with peers in your industry, aspirational competitors, other industries, or different geographies. This data at your fingertips ensures that you make better rewards decisions and stay competitive.
Thousands of companies around the world, in tens of industries, representing millions of employees, share their compensation data with Aon every year.
Don’t miss out – Join the benchmarking movement and submit your organizations compensation data to gain access to a world of benchmarks on a range of HR issues covering pay, incentives, benefits, total reward programs, wellbeing initiatives, and much more. All delivered to you in an industry-specific format that has been honed over decades to meet the nuanced benchmarking requirements of every industry.
How does Compensation Benchmarking help make Better Decisions?
Depending on the question you are trying to address, there are different benchmarks you can choose:
- What do your traditional competitors offer in terms of pay, incentives, bonus, benefits or salary increases?
It is essential to know how you stack up against other companies in your industry to ensure your compensation strategy stays competitive. - What does another industry do well, that we might want to replicate, when filling newly created jobs?
Compensation data from another industry can add value to your attraction and talent retention compensation strategy. - What is the standard in a specific geography and how do I get information about that?
Understanding the salary structures and levels in a specific geography enables an attractive compensation strategy when making rewards decisions in different regions.
What Data Types Are There?
We collect, compare and slice compensation data in a range of ways. Here are just some of the data products available to inform and enable better HR decisions.
- Compensation Surveys: We help HR teams at companies of all sizes benchmark base salaries, short-term incentives, equity awards, benefits and more.
- Market Practice Studies: From salary budgets to turnover rates to plan design practices, we help you assess your rewards from every angle.
- Benefits Insights: No rewards program is complete without a market-leading benefits package. Make sure you have the right package in place.
- Compensation Consulting: Competing for talent across industries and sectors requires a new approach. We help you think through the details.
- Bespoke Products: We also offer bespoke in-depth rewards intelligence for sub-sectors, geographies and specialist topics.
Financial services, insurance and professional services compensation data
For more than 2,000 financial services, insurance and professional services firms around the world, the choice is clear: the McLagan Global Compensation Database is among the most trusted sources for complete rewards intelligence.
Digital media, life sciences, medical device and technology compensation surveys
Discover why more than 6,000 digital media, emerging growth, life sciences, manufacturing, medical device, retail and technology companies all rely on the Radford Global Compensation Database to power their annual compensation decisions.
Compensation Surveys for New Clients
Based on our ‘give a little, to get a lot’ philosophy, new clients submit compensation data and immediately enter a world of benchmarks. Getting started is easy. Getting data to inform your people decisions is critical.
There are four steps we typically partner on with clients:
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Job Matching
Typically, our consultants perform an initial pass at matching your jobs to one or more of Aon's compensation survey platforms. We use existing documentation, such as job titles, job descriptions, job postings and organization charts. Next, we conduct job matching meetings with people managers and HR teams to finalize job match decisions. Ongoing support includes help with job evaluation and job leveling across locations and reviews of new job types, especially after a merger or acquisition.
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Data Collection
We take care of the process from start to finish. This includes collecting raw compensation and employee data from your HRIS, ATS, stock administration and sales incentive systems, cleaning-up data from these systems so it can be formatted into our survey input materials and conducting interviews with HR and business leaders to understand your pay practices.
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Survey Training
We provide customized training to clients. Topics may include how to approach and lead job matching discussions, overviews of our survey reporting platforms and tools, and tips for generating targeted survey data cuts to meet your benchmarking needs.
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Initial Benchmarking
Knowing how to use survey results consistently across an organization can be challenging. We help you by conducting initial benchmarking exercises. Using your full survey submission, we align survey results to each of your employees based on their location, level and job match. You will see exactly where you stand relative to the market for base salaries, bonuses, total cash compensation and total pay, including equity awards.
We also work with clients on a full range of Employee Rewards Advisory topics including Total Rewards and People Advisory for M&A.
Make Better Decisions on Pay
We help you to get the most out of your compensation survey data. This gives you the insights you need to make better decisions on compensation and rewards programs.
