The Importance of Salary Benchmarking

New Data for Hiring Managers in Finance and Accounting, Fashion and Retail, and Scientific Research from Atrium

Co-authored by Caitlin Lowrey of Atrium, a leader in contingent workforce solutions and one of our trusted MSP partners.

In addition to benefits, compensation is one of the most important components of attracting and retaining top talent. As we’ve seen in the last several years, the balance of power has shifted from employers to qualified job seekers. Today, the candidate is in the driver’s seat.

Job seekers know their worth, challenging recruitment and retention practices across industries. In fact, according to Indeed’s Employer Outlook 2018, 42% of employers are concerned that they won’t be able to find the talent they need. And 61% of employers plan to hire more in 2018 than they did in 2017.

That said, it’s crucial to offer competitive salaries while ensuring fiscal responsibility.

Labor cost is the largest percentage of overall spend for an organization. Therefore, companies need to understand and benchmark against comparable external markets (by size, industry, and location). This allows executives to define the costs associated with specific roles. They can then leverage this knowledge to make more informed remuneration decisions.

61% of employers say they plan to hire more in 2018

As a leader in contingent workforce solutions, Atrium translates our data into salary guides to help employers establish market rates. Our salary data is based on the many contract, temp-to-hire, and direct hire job placements we make each year.

Also read: 8 Ways to Measure and Control Your Contingent Labor Program Costs

Our 2018 guides feature salary ranges for three highly competitive job markets:

  • Finance and accounting
  • Scientific research
  • Fashion and retail.

The guides present approximate benchmarks for base salaries only, excluding bonuses, incentives, stock options, and other forms of compensation.

Armed with our salary and job data, you can ensure that your salaries are a differentiator, making you an employer of choice in your industry and geographic region.

Download the guides and start benchmarking pay today!

About Atrium

A VectorVMS partner, Atrium is a full-service talent management firm focused on providing contingent workforce solutions. The firm’s expertise includes temporary and direct hire staffing, payrolling services, independent contractor compliance, managed service provider (MSP) programs and intern program design.

Atrium has also developed Engagent™, a proprietary independent contractor compliance technology to support the evaluation process and the overall management of independent contractors.

Combining over 20 years of experience with the most advanced HR technologies, Atrium delivers top talent, heightened compliance, and reduced operational burden.

CTA banner on gaining greater visibility