Why Salary Benchmarking Matters.
Discussing pay packets can sometimes feel like treading on eggshells. It’s all about striking the balance between offering attractive salaries and what the association can realistically afford. When walking this tightrope, it is worth considering the benefits of externally benchmarking salaries. These include:
Fairness and Transparency
This approach bring fairness and transparency to the table. When you weigh your organisation’s pay packages against the going rates in the association sector, you’re setting the stage for a fair and transparent pay culture. It’s like giving your team a morale-boosting high-five, while championing openness at the same time!
Recruit and Retain Quality Staff
Paychecks talk, even in the association sector. Mapping salaries against market trends ensures your salary packages remain competitive – helping you retain your existing team and ensuring you are attractive when recruiting new staff. It’s about making sure your team knows they’re valued, without the fear of greener pastures elsewhere.
In the association sector, where squeezing the most out of every dollar counts, benchmarking salaries help you avoid inadvertently overpaying or underpaying your team, letting you channel funds where they matter most.
The best place in Australia to find salary benchmarks for associations is Enterprise Care’s NFP Remuneration Portal. Their portal enables you to view 80 roles across Board, CEO and Staff. Within each role you can view data as Base Salary or Total Package Value and filter these by a raft of organisation characteristics such as organisation expenditure (OPEX), headcount, NFP Classification, State and more.
Until Tuesday 2 October, Enterprise Care are collecting the data that will inform the 2024 benchmarking data. If you complete a 5-10 minute survey they will send you a very useful complimentary summary report of the data they collect.