What is Compensation & Benefits Benchmarking?
Compensation & Benefits Benchmarking refers to a comprehensive comparison of salaries, bonuses, and incentives with similar companies in the local or regional market.

Typically, the benchmarking process covers:

Base salary – the regular monthly or yearly salary that is fixed and doesn’t change.

Variable pay – The money that comes from the sources such as bonuses, sales commissions, and the like, which are based on the performance of the individual.
Benefits – Medical insurance, housing allowance, paid vacation, flexibility in working hours, and other incentives that fall under the category of perks.
If you collect and analyze the data properly, you will be able to tell whether your total rewards plan is attractive enough for the talents you require – without paying too much. Benchmarking has become a very vital part of the HR strategy in the UK, UAE, and GCC markets, and it is the tool that firms use to stay ahead of their competitors.