What is included in a compensation survey?
What is included in a compensation survey?
Comprehensive compensation surveys also require pay-policy information and pay-practice information, allowing for contextual interpretation of compensation data, including the following: General increases. Salary structure adjustment. Merit increase and promotion or adjustment budgets.
How do you conduct a compensation survey?
The steps may be summarized as follows:
- Plan the survey. Determine the purpose of the survey. Determine the jobs to include. Determine the markets to survey. Determine the firms to survey.
- Conduct the survey. Collect information. Insure job comparability.
- Tabulate, analyze, and present results.
Why is a compensation survey needed?
Compensation surveys allow you to make truly informed business decisions by giving you reliable benchmarks based on your industry, company size, and closest competitors for talent. They allow you to understand and manage the market for talent rather than being dictated to by the market.
How much does a salary survey cost?
The cost of salary surveys varies greatly; it can cost anywhere from a couple of hundred dollars to tens of thousands of dollars. Just make sure whatever data you are using is reliable, as many of the free online sites are not fully accurate. However, there is one free tool that we do put our stamp of approval on.
How much does a compensation analysis cost?
Companies with fewer than 500 employees spend an average of $2,000 annually on salary surveys, and companies with more than 5,000 employees spend up to $15,000 or more each year on these important data sources. Companies pay for compensation data because the benefits exceed the costs.
Are salary surveys accurate?
Data published by recruiting firms and individual employee data (such as from job boards) tend to not be as reliable sources of information as others since they often report inflated pay rates. This information is not a good indicator of how much a job is actually paid.
How long does a compensation study take?
Explore the current state of compensation An up to date job description for every job in the organization. This should include job titles, roles and responsibilities, level, experience needed, and education. This step could take up to six to eight weeks, depending on the size of your organization.
What is the wageaccess compensation survey?
The WageAccess Compensation Survey is a multi-industry salary and benefits survey that includes over 800 benchmark positions and ensures complete participant confidentiality. Survey results are updated quarterly and can be customized and filtered by position, geographic location, industry and company size.
What is the National Compensation Survey search?
National Compensation Search — allows you to search through all the National Compensation Survey publications that are currently available electronically. What statistics does the BLS provide on frozen defined benefit plans? ( PDF) What are the ECI and ECEC? What is the NCS? What are some differences between the ECI and the ECEC?
What is compcompensation consulting?
Compensation Consulting firm that conducts custom salary surveys and publishes a Not For Profit Salary Survey and Board of Directors Compensation Survey. A resource guide to compensation and salary data and related benefit information for a wide variety of industries.
What are the executive assistant compensation surveys?
Each year, billion dollar corporations across the United States participate in our premier survey for Executive Assistant compensation. Our surveys include: the Greater Pittsburgh Compensation Survey, the Survey of Executive and Administrative Assistants, the Salary Planning Survey, the Hospital Officer Total Pay Report.
