Each year, HR professionals pay for benchmark compensation data. For many, the information is the nearly the same each time. Some fractional movement in the average rates is announced. There’s a nagging sense of dissatisfaction. Is it worth the cost to learn so little? HR leaders want to know what the competition is paying. The benchmark doesn’t really answer the question – it feels like a waste of money.
The benchmark is routinely funded in the HR budget. So the annual tradition continues. This is the year to shake things up. Competitive intelligence is the key.