Ensuring you have the right people in the right jobs is hugely important. Competing for the best talent in a competitive market and getting it right therefore equally important. This starts by offering a competitive salary. All other things being equal, a competitive salary only needs to be slightly higher than the competition. The key data points are existing salaries within the company, competitors salaries and market data. These all relate to specific jobs at specific grades.
This can be described as a ratio of, e.g. Salary Offered by Company/Salary Offered by Competitor’s Company. However, it is more usually described using actual numbers e.g. Company Salary of $67,000 as compared to the Competitors salary of $63,000 as compared to the benchmark/market salary of $61,000