Employers can now monitor the remuneration of their employees against trends in the market on a continuous basis thanks to a new Misco service. The service supplements the yearly ‘Salaries and Benefits Report’ issued by Misco and delivers the most up-to-date comprehensive remuneration database.
Ritienne Xerri, director at Misco, said the new service allows companies to obtain accurate information about their salary offerings in comparison with the sector at the specific point in time. Requests are personally handled by a Misco consultant using a systematic methodology that scans the salary landscape continuously and rigorously. More importantly, data is carefully validated by the Misco consultant ensuring a detailed picture and a factual analysis.
“This validation ensures that the salary information an employer obtains is relevant to the specific job position and takes into account the employer’s compensation policy,” said Ms Xerri.
Misco strongly believes that businesses should design a clear and transparent compensation strategy based on relevant market data that helps retain valued employees and establish career paths for them.
While research suggests that salary alone is not enough to nudge employees away from their current roles, the rise in job market confidence is spurring more employees to negotiate their pay.
The answer to this current tight labour market is not necessarily to negotiate constantly with employees, leading to frequent changes in salary structures. On the other hand employers should access reliable, relevant and up-to-date information within the framework of their compensation strategy.
Misco has 35 years’ experience in collecting data and measuring remuneration trends and for over 30 years it has published the very much sought after annual ‘Salaries and Benefits Report’. The service is available at no additional cost to organisations already subscribed to the Misco ‘Salaries and Benefits Report’. The upcoming report will be issued in September.