Recently we were asked by a client why more associations don’t benchmark salary data for their members. As we approach our 10th anniversary serving the association industry as a benchmarking provider, we’ve learned that comparative industry data is one of the most highly beneficial tools that an association can supply its members, yet most associations don’t overcome three common stumbling blocks when attempting to implement their program.
In an economy where finding and retaining top talent has becoming increasingly challenging, organizations need reliable, timely data that provides the assurances that they are offering competitive compensation packages. Having the precise and relevant data from quality salary compensation surveys can help organizations understand if, in fact, they are offering competitive salaries and appropriate benefits packages. Associations often provide these salary compensation surveys to their members, which is viewed as a very valuable business intelligence, a benefit often cited as a primary reason for association enrollment.
Benchmarking reports can be the lifeblood of an association as well as its member organizations. The right report can create a huge impact on an organization’s expenditures, revenues, strategic direction or even the morale of the employees. But not every report will have this kind of success. Where one report can incite discussion and change, another can confuse.
Developing your first benchmarking study can be daunting, but the end result is a benefit you can’t afford to ignore. Benchmarking yields invaluable data about your members and delivers meaningful information to your members for better business decision making. But with so many possible directions to go and so many different metrics to measure, where do you begin?
