FMI Releases New Benchmark Tool as Part of FMI Compensation Platform
FMI Corporation, the leading provider of management consulting and investment banking services in the built environment, is pleased to announce the introduction of the new Benchmark Tool as part the FMI Compensation platform, a proprietary industry compensation platform providing data on total rewards compensation and benefits across the industry.
Retaining top talent has been and continues to be a problem in the construction and engineering industry. FMI has been offering exclusive industry compensation and benefits information that has helped clients make informed decisions and have confidence in their compensation strategy. Last year FMI launched a fully web-based data analytics platform for the delivery of compensation and benefits survey data and continues to build on the capabilities offered.
The Benchmark Tool is designed to give compensation analysts the ability to quickly identify employees falling above or below market salary ranges. This allows for accurate risk mitigation discussions associated with overpaying talent, potentially hurting your bottom line or underpaying talent and losing top employees to competitors.
Through better visibility into their salary data compared to competitors, companies can leverage the Benchmark Tool to:
- Attract and retain top industry talent
- Reduce voluntary turnover
- Maintain competitive pay levels vs. the competition without overpaying
- Provide consistency in base salary levels across the organization
- Offer guidance to managers for acceptable pay ranges when hiring new employees
- Increase the ease of salary administration
- Identify and correct employee salaries that are out of market
Peter Cregger, FMI’s chief data officer, states, “Our goal is to give the clients exceptional analytics surrounding their compensation data. The Benchmark Tool takes what was previously a very manual process and automates the results. Adding to this the ability to slice and dice across eight major dimensions enables clients to create custom benchmarks using criteria important to them.”
FMI is in its 24th year of providing critical market compensation data to the industry. The company’s deep knowledge of labor market data and industry trends is a fundamental building block of an effective pay policy. This information is critical for today’s leaders to drive organizational success and long-term employee performance.
To learn more about the Benchmark Tool as part of FMI’s Compensation platform, visit: www.FMICompensation.com.
