Benchmarking
Without an understanding of whether your reward structure or employee proposition are attractive in the market, you risk losing both employees and potential candidates to other firms. Yet all too often, competitor analysis often falls to the bottom of the to-do list.
Our in-depth knowledge of the market, combined with extensive research and benchmarking capability, means we can give you the insight you need to compete for the best consulting talent.
Remuneration Benchmarking
- How much are your competitors paying for similar roles?
- What does their reward structure look like?
- What sales and utilisation targets do consultants have in other firms?
- How should you structure your bonus to reward performance?
Competitor Analysis
- Which organisations are you competing with when it comes to attracting and retaining key talent?
- What are candidates looking for when they make a career move?
- How can you differentiate your employee proposition to attract and retain the best people?
- How competitive is your benefits package? And does it really matter?
Case Study
Market Insight and Benchmarking
Our Client
- Project management consultancy
- £2.9m revenue
- 15 employees
Challenge
- Legacy salary structure not fit for purpose for mid and senior-level external hires.
- Recognised need to effectively benchmark remuneration against other consulting firms.
- High attrition amongst mid-career consultants, particularly those joining from other consultancies.
The New Minds Solution
- A comprehensive benchmarking report providing market insight and benchmark data about salaries, bonuses, benefits package and grade structure, plus recommendations for change.
- Recalibration of salaries and introduction of a new grade to attract and retain candidates at manager level.
Success
- 4 external candidates recruited into management grade roles within a nine-month period.
OK, I’m interested. What do I do now?
1:1 Consultation
Perhaps you are thinking about what your organisation structure needs to look like in 12 or 24 months, or maybe you are struggling to hire a key member of your team and need some advice.
Whatever you need, we’ll do our best to help.