Purpose: Learn to optimize your company's compensation strategy by adding and managing custom benchmarks in BambooHR. Tailor pay structures to your industry and geographic needs, and integrate diverse data sources for informed compensation decisions.

Table of Contents

• Custom benchmark overview
• Adding a custom benchmark
• Managing custom benchmarks
• Import Custom Benchmarks

Adding your own benchmarks allows you to add and import custom benchmarks from other sources.

In addition to Mercer benchmarks, you can add your own custom benchmarks to BambooHR. Custom benchmarks allow companies to incorporate various data sources, providing flexibility beyond Mercer's US-focused benchmarks.

Compensation benchmarking can draw from multiple sources to understand and compare pay structures, including industry salary surveys like Salary.com and Glassdoor, government databases like the Bureau of Labor Statistics, and crowdsourced salary websites like Indeed Salary Insights. For companies with international operations or those that prefer alternative data sources, custom benchmarks offer a solution to potential limitations. By incorporating diverse data, companies can tailor their compensation to better reflect their specific industry and geographic needs.

To create a custom benchmark, click New Benchmark > New Custom Benchmark from the Job Title Details page. This will open a modal to create a custom benchmark for the selected job title.

This modal includes the following required fields:

1. Benchmarking Source: Drop-down list of sources that have been added.
2. Source Date: Date the source last updated the data.
3. Source Job Title: The job title as it appears in the source.
4. Source Salary Midpoint: Currency amount for the salary midpoint listed in the source. This is the 50th percentile value. BambooHR will auto-calculate a pay range 20% of the midpoint to determine the min and max values.

To add a new custom benchmark source, click +Add from the Benchmark Source drop-down. This will open a new modal within the option to add a new source.

Click Edit List from the Benchmark Source drop-down to edit existing sources. A new modal will open to change the existing sources' names. If a source's name is changed, the updated name will be reflected in any job title that uses this benchmark source.

The Custom Benchmark modal includes a drop-down to select the custom benchmarking source. You can manage and view your custom sources directly from this drop-down menu (this ensures no duplicates are added before creating a new source).

To upload your own benchmarks via a CSV file, click Upload Benchmarks under Compensation > Benchmarks. Use the template to import new benchmarks. You can upload a maximum of seven custom benchmarks for each job title and location pairing.

You must include the following fields to import:

• Benchmark Source
• Benchmark Date
• Job Location
• Company Job Title
• Source Job Title
• 50th % Salary
• Currency

Make sure your import fields match your BambooHR fields, then click Next Step to import the fields.