Human benchmark meaning9/10/2023 To find the right job match in your compensation data sources, look for a benchmark job description whose content matches 80% or more of the content of your internal job description - not one that's a 100% perfect match. Instead, they're more generic descriptions that best describe the essential functions of a job, rather than the application of that job in a specific company. Don’t worry about perfect job descriptions – the job descriptions in compensation surveys are not intended to be all-inclusive.If you’re purchasing traditional, participant-driven compensation surveys like 's Compdata surveys, make sure that your direct competitors for talent are among the participants. Use data sources that cover your jobs, industry, and specific competitors for talent – data sources that cover the jobs, industries, geographic areas, and company sizes important to your organization are critical to the success of your compensation benchmarking process.Where are the similarities? Which benchmark jobs are a close match? Finding the best match for your job is critical to an effective salary benchmarking exercise.Īs you look to begin a salary benchmarking process, here are six salary benchmarking tips to consider: Additionally, if you're pricing a highly specialized position or a hot job in your local market, you may want to look at supplemental data sources to more accurately assess the true price of the job.įinally, you'll want to compare the jobs and job descriptions in your market data to your internal job description. Compensation data comes in a variety of flavors, including survey data, HR-reported aggregate market data, and even employee-reported data, and you'll want to assess which type of data is a best fit for your business - and for this position. Once you've finalized your internal requirements, you'll want to look out to market to select a relevant data source for your business. The first step in this process is to define your internal position, documenting the key job requirements and attributes in a job description. When pricing a new position, it's critical to understand not only the key attributes of the positions you're trying to price, but also how you'll be sourcing the data necessary to conduct an accurate market assessment and salary comparison. While salary benchmarking is a critical part of the annual compensation cycle, it is ultimately only as good as the data - and the process - through which you benchmark. In today's competitive talent landscape, benchmarking allows you to assess how you're positioned relative to market, enabling you to make smart pricing decisions that enable you to attract and retain top talent. Salary benchmarking helps your organization to ensure that your internal pay rates remain competitive within your local pay markets. We welcome your feedback on the Digital Economy and Society Index.Salary benchmarking, also called compensation benchmarking, is a process by which compensation professionals match internal jobs and their descriptions to similar jobs and descriptions in a salary survey or other source of market pay data, in order to identify the market pay rate for each position. The scoreboard assesses Member States' performance in the areas of Internet use, Internet user skills as well as specialist skills and employment based on 12 indicators.ĭownload WiD Country Profiles 2022 (.pdf) The WiD scoreboard is one of the actions put in place to assess women's inclusion in digital jobs, careers and entrepreneurship. Member States that chose to invest more than 30% of their RRF allocation to digital are Austria, Germany, Luxembourg, Ireland and Lithuania DESI 2022 Member States dedicated on average 26% of their Recovery and Resilience Facility (RRF) allocation to the digital transformation, above the compulsory 20% threshold. This an unprecedented opportunity to accelerate digitalisation, increase the Union’s resilience and reduce external dependencies with both reforms and investments. EUR 127 billion are dedicated to digital related reforms and investments in the national Recovery and Resilience Plans. The EU has put on the table significant resources to support the digital transformation. During the COVID-19 pandemic, Member States have been advancing in their digitalisation efforts but still struggle to close the gaps in digital skills, the digital transformation of SMEs, and the roll-out of advanced 5G networks. The DESI 2022 reports are based mainly on 2021 data and tracks the progress made in EU Member States in digital. Each year, DESI includes country profiles which support Member States in identifying areas requiring priority action as well as thematic chapters offering a European-level analysis across key digital areas, essential for underpinning policy decisions. The European Commission has been monitoring Member States’ digital progress through the Digital Economy and Society Index (DESI) reports since 2014.
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