What HiBob's new feature: 'Bob Compensation Benchmarking Powered by Mercer' means for HR leaders

Following HiBob's recent announcement that customers can now access Mercer Compensation and Benchmark data via HiBob's platform, HR Leader asked the HR software provider what led to this development and what customers can expect.

A statement about the new feature revealed: "Bob Compensation Benchmarking Powered by Mercer offers a curated, global dataset to fit customer base needs relating to size and sector and bring significant value to companies expanding into new markets, as well as established multinationals. It will also help HR and compensation managers achieve organisational optimization with key workforce metrics (e.g. attrition, DE&I). Mercer survey participation is simplified for HiBob customers purchasing the custom dataset.

"Benchmarking in Bob means you’re connecting pay data to critical HR workflows, streamlining the entire compensation management process using data-driven compensation insights for the modern workforce."

HiBob's ANZ country manager, APAC, Damien Andreasen, commented on the feedback they were receiving from HR teams that resulted in 'Bob Compensation Benchmarking Powered by Mercer'. 

He said: "With labour being one of the largest cost centres for any company, and adding the current skills shortage challenge to the mix, we are seeing a knock-on effect with salaries increasing by almost 30% in numerous sectors.

"In light of this, CPOs and CFOs need access to more data to inform them of critical remuneration reviews. By understanding how salary offerings stack up against industry benchmarks, the C-suite can better plan and act with more confidence, without having to second guess if their remuneration packages are competitive.

"By combining HiBob’s talent and compensation modules, leaders can now make fully-informed decisions that help them remain attractive to potential employees and retain their great talent."

Mr Andreasen said they chose to partner with Mercer because: "Mercer’s strong global dataset complements our global customer base, and the ability to cater to mid-sized and sub-enterprise businesses and their employees – a unique feature of HiBob – brings significant value to companies looking to expand into new markets."

He added: "We took interest in their data solution – Comptryx, a premier online solution for technology-focused companies that provides global industry benchmarking.

"With common goals of streamlining the entire compensation management process, we saw eye-to-eye in our broader vision of embedding data in the flows of work and enabling both managers and HR to access a wide dataset and single source of truth with ease."

Commenting on how HR can use the new product, Mr Andreasen said: "Combining performance, internal salary, and benchmarking data supercharges the decision-making process to ensure businesses are taking concrete steps to retain their highest performers with competitive pay strategies.

"It also gives leaders peace of mind knowing they are fully informed and closely managing labour costs which is currently a major focus for almost all companies."

Mercer's workforce analytics, global career product leader, Michael Anderson, stated at the time of the launch: "When you're trying to understand where you need to focus your budget, and on what jobs; getting pay right is essential to be considered by top talent, and to keep your current employees. Widespread labour shortages with high demand for specialised skills, compounded with a high inflationary environment, corporate relocations and remote working all amplify the need for timely, accurate and trusted benchmark data."