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Renumeration benchmarking for a financial services firm

A global financial services firm came to us with a problem. They were having difficulty attracting compliance and risk professionals and suspected that the remuneration they offered was a factor in this. However, our client only had anecdotal information to support this hypothesis.

 

The Challenge

- Attract and acquire more compliance and risk professionals

- Gain insight into market rates of remuneration

- Confirm whether remuneration was a factor limiting success in talent acquisition

 

The Solution

We identified an agreed number of candidates at various levels of seniority. Then we spoke to them to map remuneration in terms of salary, bonus and benefits. A distinctive part of our approach was to benchmark sufficient numbers of people inside and outside of London. This helped us to establish in an authentic way whether there was a premium to be paid in the UK capital.


The Result

- Comprehensive report with actionable insights

- Identified that our client was paying London-based professionals below market-level base salaries but was slightly above market-level in terms of total compensation

- Identified that outside London our client was highly competitive on remuneration

- This information led our client to adjust pay for roles based in London

- Client also amended their employee attraction strategy to highlight their edge in total compensation

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