misco launches first real-time salaries comparison service
Employers can now monitor their remuneration packages in real-time with a new misco instrument comparing industry salaries. The service supplements the Salaries and Benefits Report issued by misco and comes at no additional cost to organisations that have subscribed to the Report.
The new service allows companies to accurately analyse 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.
Successful companies design a clear compensation strategy based on market data that helps establish career paths for talent while mitigating the risk of the most valued employees seeking market correction from other employers.
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 members of the staff to negotiate their pay. It is, therefore, important for organisations to routinely assess the competitiveness of their salaries based on reliable and up-to-date information.
misco has over 32 years’ experience in collecting data and measuring remuneration trends in the annual Salaries and Benefits Report. The most recent edition published in October 2017 shows that in the preceding 12 months, the annual average total remuneration packages increased by 4.1%.
The research indicates that, at 5%, the highest increase was registered in roles within the field of IT followed closely by jobs pertaining to the Finance sector with 4.9% growth. Jobs in the Maintenance and Engineering sector and the Sales and Marketing sector recorded salary increases of 3.9%, while remuneration for administrative jobs went up by 3.4%. Customer Service positions saw a 2.5% increase over the same period.
misco is the first to offer a real-time and personally-validated service enabling companies to continuously review the strength of their salary scales in comparison with industry trends. The service is available free of charge to organisations that have signed up to the misco Salaries and Benefits Report. The upcoming Report will be issued in October 2018.