Salary Benchmarking: How to Answer "But Everyone Else Pays More!"
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Salary Benchmarking: How to Answer "But Everyone Else Pays More!"
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Ever had an employee claim they're underpaid compared to the market? In this episode, I chat with compensation expert Carolyn Kildare about the nuts and bolts of effective salary benchmarking.
We dive into how to respond when employees bring outside salary data to you, where to find reliable compensation surveys, and how to build credibility in your benchmarking process. Carolyn shares practical wisdom from her years at Mercer and as owner of Cadence Compensation to help you navigate these challenging conversations.
Key topics we cover:
- Building a solid compensation philosophy as your foundation
- Why data quality matters (and which surveys to trust)
- Handling employee challenges to your compensation structure
- The difference between inflation and salary increase budgets
- When and how to "age" older salary data
Perfect for HR professionals looking to strengthen their compensation strategy and confidently handle those tricky "but everyone else pays more" conversations.
Find Carolyn at https://www.cadencecompensation.ca/ or on LinkedInFind me as always: https://thehrhub.ca