Advice Hub

Salary Guides: As Useful as Waterproof Teabags

Insights

At We Do Group, we believe salary guides are completely pointless. In fact, they are as useful as waterproof teabags!

The Allure of Salary Guides

Recruiters love them! It’s almost like they are some long-lost scripture that could change the fate of humanity each year. The reality, however, is that they are generic and broad, providing little practical value.

The Real Way to Benchmark a Role

The only way to truly benchmark a role is to actually assess that particular role in detail. Let’s take the example of searching for a Finance Director’s salary guide. Not only will you get a huge range, but these guides also fail to factor in several critical aspects:

  • Quality of the Candidate: What you need to pay for someone merely adequate versus someone exceptional can vary drastically.
  • Business Size and Complexity: The salary for a Finance Director in a small startup will differ significantly from one in a large, complex corporation.
  • Required Key Skills: Specific skills or experiences that are crucial for the role can heavily influence the salary.
  • Business Growth/Exit Plan: Whether the company is in a growth phase or preparing for an exit strategy can also affect the compensation package.

A Real-Life Example

Let’s put this into perspective. I need a Finance Director, and based on salary guides, the position pays anywhere between £85,000 and £400,000. This range is so broad that it’s practically useless for making an informed decision. Instead, understanding the unique requirements and expectations of the role within the specific business context is crucial.

Our Approach

At We Do Group, we specialise in detailed salary benchmarking. We take into account the nuances of each role and the specific needs of the business. This approach ensures that you are not only offering a competitive salary but also attracting the right talent for your organisation.

And yes, we are avid supporters of conventional teabags – because, unlike salary guides, they actually serve their purpose!

So, next time you come across a salary guide, remember that it’s just a starting point. The real value comes from understanding the specifics of the role and the unique dynamics of your business. When you’re ready to find that perfect Finance Director, we are here to help you navigate the complexities and find the best fit for your team.

We Do Group – The detailed salary benchmark people and avid supporters of conventional teabags!

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