Bob’s compensation benchmarking tool, powered by Mercer, gives you instant access to a global compensation data set, strategically curated for mid-sized, modern, technology-based companies.
It allows you to compare salaries from over 300k employees in over 9,000 different jobs across 50+ countries.
FYI: This capability is available only for customers who have purchased Compensation benchmarking powered by Mercer. To learn more, see Compensation Benchmarking.
Get the most out of Bob
Access to compensation benchmarking data can be critical to HR, hiring and compensation processes.
It is used to streamline the compensation management process in order to:
- Create competitive and equitable pay strategies.
- Drive retention and internal mobility.
- Optimize key workforce planning processes.
How to download compensation benchmarking data
- From the left menu, select People > Job catalog.
- From the three-dot menu in the top right corner, select Export benchmarking data.
The Export benchmarking report popup opens. This is used to select what salary data you would like to download
- From the Major Function dropdown, select one or more general job categories and click Apply.
- From the Job Level dropdown, select one or more seniority levels and click Apply.
- From the Georgraphic Location dropdown, select the region(s), country(ies) or city(ies) you would like the data to cover and click Apply.
The number of records that will be included in the downloaded report will be listed below the Geographic location field.
- Click Export report.
The report will be downloaded to your computer as a .xls file.
Mapping compensation data to company bands
The downloaded compensation data is presented in percentiles.
Once you have downloaded your desired compensation data you can decide on company bands and then map the percentiles to these bands.
For each job or department you will need to decide the minimum and maximum salary.
The minimum and maximums are the company bands. And the mid figure will be used to calculate the compensation ratio, the number you look at when deciding how much to pay a current or future employee.
For example, for junior developers you may want to pay a minimum of the 30th percentile - e.g. $30,000 p.a. - and a maximum of the 50th percentile - e.g. $50,000 p.a. with a mid of the 40th percentile - e.g. $40,000 p.a..
Note: A percentile is the percentage above which people with the same job or in the same department get paid more. For example if you choose the 20th percentile, then 80% of the employees in the data set are being paid more than that amount.
How to map compensation percentiles to company bands
- Decide on company bands (percentile range by department, site, etc.) and calculate the bands for each job in a separate sheet.
- Open the downloaded compensation data in a spreadsheet application such as Excel or Google sheets.
- Select the relevant rows (jobs\job codes) and delete the rest of the data.
- Map the jobs and levels to jobs and levels in the job catalog or to each of your employee job titles - either manually or via lookup.
Make sure to create separate rows for the same job titles in different sites.
- Export the employee directory with the assigned jobs & level in the catalog
- In the employee directory export, map (via lookup) the relevant band for each employee by:
- Location = Site.
- Employee assigned job = mapped job code in the bands spreadsheet.
- Employee assigned level = mapped job level in the bands spreadsheet.
How to use the compensation benchmarking data
Now you have mapped your data to bands you can use it in a number of ways:
- Compensation review: While carrying out a compensation review process, use the data to help decide on the appropriate compensation package for each employee or job.If you have the Compensation module you can upload this data and seamlessly use it within a Compensation event in Bob. To learn more, see Set up a compensation event.
- Custom field: Upload the data as a custom field that can be used in any Bob report and in employees’ profiles. In this way you can always see how much an employee is being paid compared to the market rate. To learn more, see Set up employee fields.
- Workforce planning: When creating a longterm organizational plan and budget, use compensation data to plug in potential salaries for future employees.
- Hiring: During the hiring process for a particular position, use the market salary to help decide how much to offer a candidate.
- Promotions: When promoting an employee, compare a potential salary to the market rate.