The process contain four main steps:
1. Define and understand the target group
Our consultants have comprehensive market knowledge within their own recruitment area. Before we start mapping the relevant market, our consultants will make every effort to properly assess your needs during the project in order to have a tailor-made salary benchmarking. Therefore it is important to define clear goals and expectations in the first step.
2. Market research and finding relevant candidates
During the cooperations with Hays, you have the opportunity to get an insigh into one of the world's most successful recruitment companies. In the current project, we will use the following resources to find relevant candidates in order to help you evolve the right pay structure:
- Hays' own database with more than 40,000 active candidates
- External databases
- Professional recommendations, networking
- Social Media
- Direct search
3. Market research
After the successful determination of the relevant target group, we will contaact the potentially available candidates. Our goal is to gather information from employees working in the specified positions to find out more about their benefit packages.
4. Preparing the salary benchmark
After the market research, we prepare a detailed report containing the salary benchmark which proved a comprehensive overview of the specific labour market. Our aim is to present the candidates' needs on the market and the details of their current compensation package. If necessary, our consultant will stay in touch with you to find the right candidate within a specific agreement.
We offer 3 types of solutions:
- Comprehensive market research
- Targeted market research
- Targeted market research with direct search