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Financial Services
A major insurance broker had not previously conducted effective whole-organisation pay benchmarking with the external market. We were able to provide a comprehensive service including:
- Identifying and developing a “long list” of potential survey providers
- Handling contract negotiations for the agreed short list of six or seven providers
- Providing expertise in agreeing content of one major data download from client
- Submitting data for a range of different surveys, from major (covering 80% of employees) to “niche” (covering small, specific functions or specialisms)
- Liaising with survey companies through submissions and acceptance process
- Incorporating market data from provider into analysis models, and preparing reports on analysis and findings
Finally, we met with the client to provide a detailed account of our findings; highlighting anomalies and costs involved in resolving issues around “underpaid” and “overpaid” employees.
The whole process involved very little time and resources from the client, besides an initial data download. The client continued with implementing major high-value Reward initiatives; pension review and flexible benefits, whilst Innecto shouldered the work-load for data cleaning and submission, saving time and allowing business critical changes to go ahead.