Cost reduction programme benefits from benchmarking.
To ensure its compensation costs were kept in line with industry and regional norms a US Trades Company benchmarked its salaries against others in the same industry and region. The company used the data to determine its merit increases budget, evaluated its performance review process and educated managers on how it was linked to compensation. In the first year of operation the programme kept compensation costs to the same level as the previous year....
BPIR Categories9.5.4 Develop & manage base & variable compensation
14.2.4 Conduct best practice/ process benchmarking