Remuneration packages should be benchmarked against external market rates as well as internal rates which are paid to those employed at the same level within the organisation.
To establish what the market rates are for specific job roles there are two main sources of information:
A recruitment agency can provide advice about current market rates. Even if your organisation does not use a recruitment agency, they still may be willing to provide suitable information, particularly if they are interested in establishing a relationship with your organisation.
There are a number of salary guides freely available online. Particularly useful guides are those provided by some of the larger recruitment organisations. They will provide a snapshot of salaries and employment market trends across Australia in a number of industries. The guides are designed to assist with decision making by providing a market overview, as well as the salaries companies have paid for positions across Australia within the preceding 12 months.