An Employer’s Guide to Salary Benchmarking in the Philippines
COMPENSATION-INFOGRAPH

An Employer’s Guide to Salary Benchmarking in the Philippines [infographic]

What is Salary Benchmarking?

Salary Benchmarking is the process of comparing internal job descriptions to jobs with similar responsibilities to determine their local market rate. It is usually conducted through salary surveys, where factors such as education level, work location, industry, and company size are utilized to assess the final salary package for a job position. 

As an employer, it is important to always know the salary benchmarks so you can maintain externally competitive and internally equitable salary packages over time.

Why benchmark?

  • Attract ideal candidates
  • Improve talent retention rates
  • Become competitive in the market
  • Improve and streamline talent management costs

Latest Statistics on Compensation

  • 51% of professionals expect bonuses of 16%+ of their yearly salaries
  • 87.54% of Philippine employers comply with the mandated minimum wages
  • 16.8% of Filipino candidates find generous salary and compensation most appealing
  • 20-40% salary raise is expected for job movers in 2020
  • 36% of employees believe they are paid fairly 

What to Look For in an Ideal Salary Benchmarking Provider

Generally, salary surveys are based on factors such as position title, industry, work location, cash compensation, and job description. However, these are not sufficient for in-depth comparative analysis. Assessing the number of subordinates, tenure, profile required for the role, and other specific information are also important in influencing an attractive salary package. 

When looking for a salary benchmarking provider, having the option to customize the deciding factors to fit your business needs should be a priority. Salary benchmarking is not a one-size-fits-all approach, and including factors that do not directly impact your desired objectives is a waste of money and resources.

Sources: jobstreet.com.ph | robertwalters.com.ph | payscale.com | workingfamilies.org.uk | nwpc.dole.gov.ph

Do You Need Professional Advice on Salary Benchmarking in the Philippines?

Our HR Consultants will help you make informed decisions on your remuneration packages so you can attract and retain top talent.

Author

  • Ivy Leslie Tahimic is an HR Consultant specializing in Employee Benefits Structure Development, Compensation Benchmarking, and Learning & Development. She is also a passionate writer, an avid learner, and a dreamer.

Comments (2)

Hi I’m an employee and would like to see the salary benchmarking current data for my role. Where can i find the same?

I’ll look forward to your reply.

Hi Daviemyr,

Thank you for reaching out to us. There are salary benchmarking tools available from online job hunting platforms like JobStreet that can show if your current salary is below or up the median salary.

You may also cross reference by searching your current job role to compare the description and requirements to know if the workload is justified by the compensation and benefits, since the tool will only show the monetary value of a job role but not a full analysis.

If you need a more in-depth understanding of how much you should be compensated, we do offer salary benchmarking services. Let us know if you’re interested.

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