Mercer Data Connector

Challenge

In many industries, salary compensation benchmarking is one of the most comprehensive ways to stay on top of ongoing business trends. But what exactly is it and what all does it entail?

By itself, the term “benchmarking” refers to the process of evaluating or checking something against a predefined comparative standard or point of reference. In that vein, many companies, organizations and businesses use the strategic process of salary benchmarking to gauge the attractiveness of their internal job positions by comparing them to those same positions of their competitors and similar companies.

The implications of salary miscalculation or mis-estimation are huge. By underpaying employees, companies can lose their ability to attract and retain qualified talent. On the other hand, overpaying employees can negatively affect payroll budgeting efforts.

Benefits

First ever Compensation benchmarking single file electronic entry with data-cleansing auto-sensor that can suggest comparable jobs via links to Mercer’s proprietary Job library. Once uploaded, time to benchmark goes from days to under two hours.  MDC also coaches the client through the benchmarking process leveraging video links on site as well as “teaching tiles”.  Seamless data ingestion, MDC won an award from Digital Online last year for HR innovation.

Clients can save time and need less staff to do more accurate Compensation benchmarking.  “Jobs that might have been difficult to benchmark in the past now receive suggestions to assist in the matching process and most robust job data availability in surveys”