Salary benchmarking

A local grocery store was looking to hire its first full-time Accountant to manage its daily bookkeeping, inventory accounting, financial reporting, and payroll processing. The store owner wanted to offer a competitive salary to attract a qualified candidate but wasn’t sure what the appropriate compensation would be for an accounting role in their local market.

Without a proper salary benchmark, the store risked either underpaying, which could lead to high turnover or failing to attract the right talent, or overpaying, which would strain the business's budget. 

We provided the grocery store with a comprehensive salary benchmarking report specific to the accounting position they were looking to fill. Our analysis took into account local market data, industry trends for small businesses, and specific responsibilities the accountant would handle, such as inventory cost tracking, cash flow management, and financial reporting for retail.

We compared salary data from similar-sized businesses in the region and provided insights into compensation packages, including base salary, benefits, and bonus structures. We also factored in industry standards for accounting roles within retail and grocery sectors, ensuring that the store’s offer would be both competitive and sustainable.

Armed with the salary benchmarking data, the grocery store owner was able to confidently extend a competitive offer to the most qualified candidate. The offer included a fair salary aligned with local market rates, as well as a benefits package that made the position more attractive. The store successfully hired an experienced accountant, confident they had offered a fair and competitive package that would help retain the employee long-term.