Research · 2024
Compensation Benchmarking Best Practices: 2024 Survey
How organizations benchmark their jobs, review their matches, buy salary surveys and choose market pricing software, from more than 530 participating organizations.
- Every chart from the full survey
- Results by company size, from under 500 to 10,000+ employees
- Survey budgets and what organizations pay for market pricing tools
CompTool's 2024 survey of HR and compensation professionals on how organizations benchmark their jobs and the tools they use to manage it. It gives compensation analysts and compensation leaders a peer dataset for comparing their own matching methods, survey portfolio, review cadence and market pricing software against other organizations.
- PDF report, 19 pages
- Fielded April to June 2024
- Free download
Who took part
- 530+
- organizations in the survey
- Under 500 to over 10k
- employee size bands compared
Respondents were HR and compensation professionals from organizations ranging from under 500 to more than 10,000 employees, across a range of industries.
What the survey asked
- What share of jobs in each job category is directly matched to survey benchmark jobs, and who benchmarks executive roles
- Which compensation element (base pay, total cash, total direct compensation and so on) jobs are primarily benchmarked on
- Which salary survey data cuts are used to define the competitive labor market
- Whether organization-weighted or incumbent-weighted survey data is used
- How many survey sources are targeted per benchmark match
- What analysts do when the right survey level can't be found
- Whether matches are audited on a regular schedule, and how often
- Whether there is a standard turnaround time for job reviews, and what it is
- How many salary surveys organizations subscribe to and their annual survey budget
- Which salary surveys organizations currently subscribe to
- Which compensation software is used to manage benchmarking
- How important key market pricing tool features are
- What organizations pay annually for a market pricing tool, by survey budget and company size
- How satisfied users are with their market pricing software, by company size and industry