If you have a Human Resources department, a large part of its role is to keep abreast of current compensation and benefits standards in your industry and geographical region. Work with them to educate yourself on these matters so that you can more effectively manage compensation equity for your employees.
But if you're in a smaller company and don't have legions of HR professionals at your beck and call, you can use other resources to keep yourself educated.
The Internet provides many discussion forums and professional association Web sites dealing with compensation for specific industries. A few good Web sites for general compensation information are these:
WageWeb, run by Human Resources Programs ...