By Josh Westley, Senior Consultant
– Last Updated: June 2026
Some of the most valuable conversations I have around salary benchmarking never lead to a placement at all and I’m completely fine with that. People tend to think about salary benchmarking as something you do when you’re ready to move jobs – a way of setting expectations before you start sending out CVs but that’s only part of the story.
I was recently working with a candidate who was weighing up a potential move. Good track record, solid experience, clear progression. On paper, someone who should have been well compensated for what they were doing.
As our conversations developed, it became clear that their current salary was sitting noticeably below the market rate for someone with their skills, responsibilities, and level of seniority. Not marginally. Meaningfully.
Rather than pushing straight into opportunity mode, I shared a live role that closely mirrored what they were already doing. Similar scope, comparable responsibilities, similar sector. The difference was the salary package, which came in around 10% higher than what they were currently earning.
They took that information back to their manager and used it to open a conversation about their value to the business.
A short while later, they came back to me with an update. Their employer had reviewed their compensation and offered them a pay rise to bring them closer to market rate.
No placement. No move. Just a better outcome for someone who deserved one.
That kind of outcome doesn’t surprise me, but it does reinforce something I think gets overlooked in recruitment. Market insight has genuine value, regardless of whether it leads to a job change.
Finance professionals are often so focused on delivering in their roles that benchmarking their own compensation falls down the priority list. Meanwhile, salary levels shift. Demand for certain skill sets increases. The gap between what someone is earning and what the market would pay them quietly grows.
By the time it becomes obvious, a lot of value has already been left on the table.
Understanding your market rate gives you choices. It might confirm you’re being paid fairly and that’s a genuinely useful thing to know. Or it might prompt a conversation with your employer that leads to a meaningful improvement in your package without you needing to go anywhere.
Either way, you’re making informed decisions rather than assumptions.
If you’re a finance professional who hasn’t looked at salary benchmarking recently, it’s worth asking:
Do you know what the market would pay for someone doing your job today?
If you’re a manager or a finance leader, how confident are you that your team’s salaries are competitive?
In a market where good finance talent is hard to find and even harder to replace, being caught off guard by a resignation is a costly way to find out.
Whether you’re exploring your options or just need a clearer picture of where you stand, get in touch and I’ll give you a straight answer about your own situation.
Find out your worth in the current market
How is salary benchmarking different from just searching job boards?
Job boards show you advertised salaries, which don’t always reflect what’s genuinely on offer or what’s being accepted. A proper benchmarking conversation factors in your specific skill set, seniority, responsibilities, and sector – giving you a more accurate picture of where you actually sit in the market rather than a rough range from a headline figure.
What if I don’t want to move jobs – is benchmarking still worth it?
Absolutely. Knowing your market rate gives you options regardless of what you decide to do with that information. It might confirm your employer is paying you fairly, which is useful in itself. Or, as with the example above, it might give you the evidence you need to have a pay conversation internally – without ever having to send a CV anywhere.
How often should finance professionals be looking at their market rate?
Salary levels shift more quickly than most people realise, particularly in areas where demand for certain skills is rising. Leaving it to whenever you’re next thinking about moving means you’re often behind the curve before the conversation even starts. Checking in every twelve months is a reasonable baseline – you’re not job hunting, just staying informed.
Josh Westley – Senior Finance Consultant
Peterborough & East Anglia
