Salary Benchmarking Software, also known as Compensation Benchmarking Software, uses data analysis to recommend appropriate compensation for a particular position depending on its job title and description. These tools compare internal and external data sources to determine an equitable salary based on factors like necessary skills, competitor salaries, etc. Salary benchmarking helps businesses tailor their compensation strategy to their business’s specific needs. This aids with retaining top performers and mitigating potential legal risks from underpaying employees.
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