🌟 Switchee's secret sauce to fair and fabulous salaries: A peek into our benchmarking magic

In the enchanting world of job hunting and career development, where every candidate dreams of a pot of gold at the end of the rainbow 🌈🍯, the importance of salary benchmarking often goes unnoticed. But not at Switchee! We’ve got our own secret sauce, and it's called salary benchmarking. Welcome to the magical land of Switchee, where career dreams come true! 🪄🌠

Why salary benchmarking matters 💰📊

At Switchee, we're not just about smart homes; we're all about smart career decisions too 🏡💼. Our commitment to ensuring that our employees are fairly compensated led us to develop a robust salary benchmarking process. We believe in a world where every team member is paid equitably for their hard work and dedication. It’s a bit like making sure every member of the orchestra gets their fair share of applause 🎶👏.

Once a year, against the market rates 🗓️💹

Here at Switchee, we know that the world of compensation is a dynamic place. Salaries change, markets shift, and trends ebb and flow 🌊📉. That's why, each year, we meticulously benchmark all salaries for all roles against the market rates. This keeps us in tune with the ever-evolving melodies of the job market.

Meet the magic platforms: Ravio, Figures, Pave + Option Impact 🪄🔍

Our secret to salary benchmarking brilliance lies in the trio of platforms we use Ravio, Figures, and Pave + Option Impact. These platforms help us keep a pulse on the current job market and ensure that our compensation packages are competitive and equitable 💼💎.

These platforms provide us with real-time data on job market trends and salary structures, ensuring that our offerings remain competitive.

They magically transform complicated compensation structures into user-friendly formats, allowing us to fine-tune our offers and ensure equity across all departments and levels of seniority.

How do we use them to create salary bands that you see on our job adverts? We collect the median salary number from each of the three aforementioned platforms and we find the big old median between the three. This is typically the number will will go with for someone who meets 100% of the current requirements. To search for the right salary band across all platforms, we use our job levelling system in line with our Career Development Framework. You can read more about it here.

We typically benchmark our roles at Switchee against the 50th percentile of the market rate. What this means is that we tend to pay market-average salaries.

For full clarity we typically operate between 40th-60th percentiles. Candidates who do not yet hit all the parameters of the role, but we believe have the potential to develop and reach that potential are typically offered between 40th-50th percentile. This means you should expect to be offered a salary that is towards the lower end of the band listed in an advert.

People who we believe are smashing through our expectations and can additionally provide some of the "Nice to have" elements we mention in our Job Ads are typically offered 50-60th percentile. This means you can expect to be offered a salary that is towards the higher end of the band listed in an advert.

People who are exactly on target with our expected role requirements are offered at the 50th percentile which again reflects the median market rate as we explained above. You can expect to be offered a role in the middle of the band listed in the advert.

Career Development Framework: Our trusted superpower 🔍🚀

What makes our salary benchmarking process even more exciting is our career development framework. This framework allows us to see the levels of seniority across all roles and departments 🧭🔎. It's like having a treasure map that leads us to the X that marks the sweet spot of compensation 🏴‍☠️💰.

By using this framework in conjunction with our benchmarking platforms, we ensure that no matter where you are on your career journey at Switchee, you are paid fairly and in line with your level of expertise, contribution, and dedication.

The Switchee way: Equity in compensation 🤝💵

At the heart of our benchmarking process lies our main principle: ensuring equity in compensation across all departments and levels of seniority. We believe that every Switchee employee is a star 🌟, and we want to make sure you shine brightly, no matter where you're planted in our galaxy of opportunities 🌌🚀.

So, if you're considering a career at Switchee, rest assured that your talent, dedication, and hard work will be rewarded fairly. Our benchmarking process is our commitment to making that happen.

In a world where the job market can sometimes feel like a maze, Switchee is your compass, leading you to the career treasures you deserve. Join us, and let's write your magical career story together! 📜✨