Salary negotiations

According to a compensation report in 2025, cash compensation is a major challenge in retaining talent, with 61% of companies citing it as a top concern. Benchmarking data can help to curb this during salary negotiations; it sets the records straight, seeing that talents do not like being underpaid and would have done their salary range research too.

Competitive salary ranges

As we’ve mentioned before, this benchmarking can help you set competitive salary ranges for in-demand roles like FinTech engineers, product designers or AI specialists to attract top talents. For instance, maintaining salaries at or above market rates can significantly reduce turnover, as dissatisfaction with pay is a leading reason employees leave their jobs.

‍Omni facilitates flexible compensation structures, including equity and performance bonuses, helping you attract talent through robust compensation offerings. Our support for multi-currency payroll processing makes managing international talent seamless, mitigating compliance risks and reducing HR administration costs.

Omni’s data-backed system supports automated calculations for various allowances and benefits as well as transparent total compensation reporting, helping your team navigate local regulatory complexities across the APAC region.

1. Define your needs and objectives

Before anything, you need to first identify the specific reasons why you want to do your salary benchmarking. Sorting that out will help you determine your budget constraints and talent acquisition goals so that you can align your compensation strategy accordingly.

Consider these questions as a starting point:

• Do we need to change the compensation for your current employees? 
• What are our expansion needs, and do we need to adjust our salaries accordingly?
• Are we paying our employees fairly and consistently, regardless of their role, department, or level within the company?

Answering these questions will help you define your objectives and create a clear roadmap for benchmarking.

2. Select the right benchmarking data

The second step of your compensation benchmarking requires you to select trustworthy sources for data acquisition. The process strengthens data reliability by making it precise for your skills along with your work location and job responsibilities.

Generic salary data won't cut it in the FinTech industry because its job roles differ substantially from one another. You should use surveys or databases targeting the industry (which we’ve compiled below) to obtain dependable compensation information that matches the field.

3. Analyze and interpret the data

Once you have gathered the data, then you can go on to compare your current salaries with market benchmarks to identify any gaps. This is where the major work is and should be done carefully; there are also factors like cost of living and inflation that you should consider. 

For this, you can also use HR software or compensation tools with reporting features for data and access to custom reports with the metrics you need for the compensation benchmarking.

With Omni’s reports and analytics features, HR professionals gain actionable insights to optimize compensation benchmarking. By tracking critical metrics such as pay parity across departments, employee turnover patterns, and headcount trends in real-time, teams can make data-driven decisions that balance labor costs with productivity needs, ultimately creating a more agile, efficient, and well-managed workforce.

Read next: The Pay Parity Guide for HR

4. Use data to make informed decisions

With insights gained from your analysis, adjust salary ranges for new hires as needed or promote employees based on market data.

For instance, if you find that mid-level data analysts in the various companies within the industry typically earn between $60,000 and $90,000 per year, you can set a competitive salary that aligns with these figures.

5. Communicate transparently

Finally, you should advocate transparency by including salary ranges in your job postings to attract suitable candidates. You can also encourage employee feedback on compensation for the constant refinement of your compensation practices.

Remember, compensation benchmarking is an ongoing process that requires regular monitoring and adjustments. To fulfill the goal, your company must stay committed to transparency, fairness, and continuous improvement. 

Hot skills 

In FinTech, roles like software engineering and data science are in high demand. To draw the best candidates, you have to establish salary and benefit information that matches and exceeds the market value range for targeted positions. 

For instance, doing compensation benchmark Fintech for a data scientist role, you can look at factors like average salary range, years of experience, and additional advanced skills and judge by how the role is compensated across different companies.

Equity

Equity compensation is a big deal in FinTech, especially for startups. It gives employees a stake in the company's success, which can be a powerful employee motivator. Your compensation benchmarking process for compensation needs to consider the equity amount you offer against similar companies in the market. 

Some startups offer equity options that vest over a few years to keep employees engaged long-term; take note of that in your analysis.

Benefits

Also, benefits like health insurance, pension and other retirement plans are important for attracting and retaining talent. Make sure your benefits package is competitive with industry norms. If offering flexible work arrangements or additional vacation days is a common practice within the industry, you should also use it to attract FinTech professionals who value work-life balance.

Company culture & mission

Your company culture and mission can also be a major push for your new talents. You shouldn’t ignore it; make sure that your compensation strategy aligns with the values you claim to have and communicate them clearly. For example, if your company is big on innovation and teamwork, your compensation package might include bonuses for collaborative projects or rewards for innovative ideas.

Total rewards philosophy

Lastly, you should have a total rewards philosophy that includes salary, benefits, internal equity, and career development opportunities. This way, you give your talents what to expect when they join your company.

A great idea is using the compensation benchmarking data to create tiered compensation levels that reflect different stages of career growth; this can help employees feel valued and motivated as they progress within the company.

Specialized FinTech compensation surveys

• WTW RDI FinTech Salary Surveys: These surveys are a goldmine for FinTech companies; they contain detailed insights into salary trends across the industry. It also covers both traditional financial services and big tech companies, giving you a comprehensive view of the market.
• Search Chain Partners FinTech Salary Benchmarking: This resource helps you understand salary ranges for key FinTech roles, ensuring you can make informed compensation decisions.
• Storm2 FinTech Salary Guides: It’s also another helpful resource, and it stands out by offering unique insights into global FinTech salary trends, compiled from a vast network of candidates.

Salary benchmarking platforms

• Ravio: If you're operating in Europe, Ravio is a great choice. It offers real-time compensation data, which is especially useful for equity compensation.
• Pave: For US-based companies, Pave provides real-time insights into salary and equity, helping you stay updated in the tech startup scene.

General compensation data providers

• Radford McLagan Compensation Database by Aon: This is a powerhouse for global compensation data, used by thousands of organizations. It provides actionable talent analytics that can help you refine your compensation strategy.
• Mercer: A well-established provider of compensation benchmarking surveys offering global data across various industries, including energy, mining, healthcare, and retail.

Other resources

• Glassdoor: While they are not specific to FinTech, Glassdoor offers crowdsourced salary data that can be useful for general benchmarking across various industries.
• LinkedIn Salary: This is also a feature that can give you insights into salary ranges based on user-submitted data. It's a great way to get a general sense of what's happening in the market.
• Industry Associations: Many industry-specific associations offer compensation surveys and benchmarking data tailored to their sectors. These can be invaluable for getting insights specific to FinTech.

Ensuring Fair and Transparent Pay Practices with Omni

Omni powers HR teams with easily accessible, real-time data to fuel your compensation benchmark FinTech strategy. Pull customized reports in a matter of minutes to review pay scales, compensation calendars, and employment data to inform your salary benchmarking and ensure equitable and competitive compensation for your teams.

With localized payroll solutions, Omni helps streamline your payroll processes with automated payslips, tax calculations, and secure employee data for error-free and punctual payroll processing.

Further reading: Streamlining Payroll Processes with HRIS

Secure and centralized employee records allow HR teams to easily store, update, and communicate employee information across departments and with employees.

Omni makes it easier than ever to calculate accurate employee payments and tax calculations through automation that saves time and reduces errors. And with automated payroll information synchronization, end-of-month processing becomes a streamlined and seamless effort.

Book a demo with our team, or try out Omni for a free 7-day trial to learn how our HR solution is the compensation tool you need for compliant and efficient compensation benchmarking.