Competitive Pay, Big Gains: The Case for Salary Benchmarking Success

While workers are motivated by various factors like benefits, recognition, work-life balance, career advancement, and supportive management, salary remains a top priority when evaluating new opportunities or deciding to stay with their current employer. For companies seeking to attract, hire, and retain top accounting and financial talent, salary benchmarking is not just important—it’s essential.

What is salary benchmarking?

Salary benchmarking is comparing an organization’s pay rates to those of similar roles in other companies within the same industry or location. Organizations of all sizes can use salary benchmarking as it allows you to make sure you are fairly and competitively providing compensation to your employees.

For accounting and finance teams—particularly during today’s talent shortage—salary benchmarking can provide a competitive edge by aligning compensation with industry standards. Doing so helps attract and retain the best talent, fostering both team success and long-term organizational growth.

Why should you use salary benchmarking?

Salary benchmarking offers several advantages to employers: 

• Competitive hiring: Meeting or exceeding industry pay standards makes your job openings more attractive to top-tier candidates.

• Effective cost management: By understanding market rates, you can avoid overpaying or underpaying for roles, which can either lead to turnover or hiring difficulties.

• Budget forecasting: Helps you to anticipate payroll expenses and allocate resources effectively, preventing budget overruns.

• Stronger employee branding: Benchmarking ensures your compensation packages are appealing compared to competitors and positions your organization as a desirable place to work.

• Increasing morale and engagement: Employees who feel fairly compensated are more likely to be motivated, productive, and loyal.

• Enhanced employee retention: Offering fair and competitive pay can avoid high turnover rates. Employees who feel valued are more likely to stay and contribute long-term, saving costs associated with rehiring.

• Ensuring pay equity: Regular benchmarking promotes fair compensation across roles, addressing internal disparities and fostering equality.

How to use the Accountants One Salary Guide for benchmarking?

Each year Accountants One publishes an Accounting and Finance salary guide tailored to the Atlanta market. This is a valuable resource for organizations looking to align their compensation structure with industry standards. Follow these steps to effectively use the guide for benchmarking: 

Step 1: Download the Accountants One Salary Guide.

Visit the Accountants One website to access the latest Salary Guide. This comprehensive tool provides detailed salary data across various roles, industries, and experience levels, helping you make informed decisions.

Step 2: Identify Relevant Roles

Focus on the positions you're interested in benchmarking and consider factors such as job title and responsibilities and industry-specific variations.

Step 3: Analyze Your Current Pay Structure

Compare the salaries for your roles against the benchmarks provided in the guide. Note any discrepancies in compensation levels, keeping in mind variances based on experience, education, and certifications.

Step 4: Assess Total Compensation

The Accountants One salary guide is intended to provide a starting point for evaluating compensation and does not include bonuses, benefits, or any other compensation. In addition to base salaries, review benefits, bonuses, and other perks that your organization is offering for your accounting and finance roles.

Step 5: Identify and Prioritize Gaps

Highlight areas where your compensation falls below industry standards. Prioritize adjustments for high-demand roles, positions critical to your organization’s success, or roles experiencing high turnover.

Step 6: Explore Additional Resources and Expertise

Supplement your findings in the Accountants One salary guide by: 

• Consulting with the Accountants One team for tailored advice on compensation strategy
• Using outside tools like PayScale or Glassdoor to validate data
• Reviewing industry-specific reports for further context
• Checking other salary guides for reference

Step 7: Plan and Implement Adjustments

Use the insights gathered to develop a clear strategy for adjusting salaries, benefits, or perks. Factor in your organization’s budget and long-term goals to ensure sustainable changes.

Step 8: Monitor and Update Regularly

Compensation trends evolve over time. Regularly revisit the Salary Guide to stay informed about market shifts and maintain your organization’s competitive edge.

Salary benchmarking is not just a best practice

Salary benchmarking is a necessity in today’s dynamic job market.

By utilizing Accountants One’s Salary Guide or contacting our team of experts, we are here to help you confidently navigate the complexities of compensation planning, ensuring your organization attracts and retains top talent.

Download the guide today and take the first step toward a more informed and competitive pay structure.