Salaries/Bench Marking
The central team will complete a salary benchmarking exercise each year, the salary benchmarking will allow us to review the salaries within the market for similar roles and the benefits which are offered, we use this exercise to ensure we remain competitive and offer above market rate for all employees. Manager/central team will conduct salary benchmarking excercise using Indeed to compare salary bandings offered in the local area for similar role. When doing the salary benchmarking exercise you will be required to enter the minimum salary threshold offered within the market and higher salary threshold into a google sheet, you will then be able to compare/contrast this against our current thresholds and enter the new banding.
See Video here.
Example Salary Benchmarking google sheet
National Minimum Wage
By law, employers must pay a minimum amount on average for the hours you work. This is called the:
- National Living Wage (NLW) if you're aged 23 or over
- National Minimum Wage (NMW) if you're aged under 23 or an apprentice
Each April the national minimum wage is updated, manager/central team will need to ensure we are compliant. The rates payable can be found here,
How do I check if we are paying the right National Minimum Wage rates?
- Login to BambooHr
- Generate a report from BambooHR, using the reports section, the report should include staff full name, position,age, location and their salary.
- Open the report as a google sheet, Please note salaries will show as an annual rate instead of an hourly rate, you will therefore need to add a column for hourly rate>add a formula (select the annual salary >divide 52 week in the year/ Hours the employee works > This will give you the employees hourly rate.
- On another tab open the Government website for the national minimum wage rates.
- Using the google sheet, add another column which read from the national mimimum wage rates using the Government website
- Once this has been completed you will need to update Bamboohr with the new hourly rate effective from 1st April.This will ensure the finance team are aware of the changes that need to be made.