article thumbnail

Why Your Organization Should Use Salary Benchmarking

Harvard Business

A key solution lies in salary benchmarking — using aggregated market data to establish competitive pay rates. Recent research in collaboration with a leading U.S. payroll processing company revealed that access to robust benchmarking tools doubled the probability of firms setting the “right” salary.

article thumbnail

How to Understand Key Metrics in a New Industry

Tom Spencer

For context, in an academic research lab a primary investigator in coordination with a team consisting of technicians, graduate students, and a lab coordinator will write a grant to apply for funding to conduct research. This process usually takes years from generating an idea for a research project to getting the findings published.

Metrics 88
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

6 quick ideas on setting a better price…

Wakeman Consulting Group: Dave's Blog

I’ve been doing some research on pricing lately because pricing is on everyone’s mind with inflation, economic uncertainty, and cost of living challenges. Never set your price without some research : It goes without saying, but good price setting requires good research.

article thumbnail

Research: Hiring Managers Are Biased Against People with Longer Commutes

Harvard Business

So my team of research assistants and I identified a collection of low-wage jobs in Washington, D.C. But the comparison at least provides a benchmark. In a forthcoming study , I tested how employers respond to similar applicants who report different residential addresses. during the summer of 2014.

article thumbnail

Research: Workplace Injuries Are More Common When Companies Face Earnings Pressure

Harvard Business

companies are facing pressure to meet earnings expectations, and research indicates that meeting analyst forecasts is a more important benchmark than meeting the prior year’s earnings or avoiding losses. We identified three factors that characterized the companies that beat earnings benchmarks. per $100 of payroll.

article thumbnail

Now Is the Best Time to Raise Your Rates

Successful Independent Consulting

Do some market-rate benchmarking to learn what other consultants are charging, or what clients are paying. Once you have the numbers, it’s easier to raise your rate with conviction because your new rate is based on research and not just pulled out of thin air. Do the math a few different ways and see how these numbers play out.

Policies 195
article thumbnail

Eliminating Margins for Business Errors

Business Consulting Agency

Consultants utilize reliable data sources, market research, and industry benchmarks to guide businesses in making informed and evidence-based choices. The Benefits of Consulting Services Data-Driven Decision Making: Consulting services provide access to data-driven insights and analytics that inform strategic decision-making.