Is A Compensation Survey Valuable for My Organization?

Is A Compensation Survey Valuable for My Organization?

Employees are often considered the most valuable asset within an organization. To create a positive work culture, reduce turnover and recruit top talent, fair compensation is critical.

What Is a Compensation Survey?

A compensation survey is a popular technique that an organization can utilize to ensure employees are given fair wages and benefit packages. The results of the survey should provide key insights into job roles and salaries, that will assist employers in determining and optimizing their own compensation strategies.

Why Should My Organization Conduct a Compensation Survey?

The first reason is to ensure your employees are being paid fairly. Major reasons why an employee may leave one organization for another are for better pay, bonuses and more paid time-off. Although it is impossible to entirely prevent employee turnover, a compensation survey may help to determine whether your organization is offering a reasonable wage package to your staff. If you discover that you are underpaying your employees after receiving the findings of your survey, you can design a plan to increase pay.

Another advantage of utilizing online compensation surveys is that it ensures there is accurate data at your disposal. Receiving large amounts of valuable data in a short amount of time will make it possible for you to extend a fair offer immediately and help you land your best candidates. Conducting compensation surveys on a regular basis will provide the current market data you need to help you make offers and fill positions faster.

Additionally, a compensation survey may be beneficial to staff morale. These surveys will assist in demonstrating to your employees that your organization is concerned about their entire well-being, especially their financial well-being.

What Should Your Compensation Survey Focus On?

A compensation survey can be tailored to specific job titles, geographic locations, organization size and industries. It often focuses on cash compensation data that is composed of measurable components of compensation, such as:

  • Starting wages
  • Increase percentages or amounts
  • Merit increases
  • Salary ranges
  • Incentives/bonuses
  • Allowances and benefits
  • Working hours

Take advantage of the data collected from these surveys. The results give insight regarding the highest and lowest salaries for different industries, which gives you a range of what you might offer to your own staff.

Does Your organization Need a Compensation Survey?

A personalized compensation survey offers numerous benefits, including specifying the exact information you want to collect, rather than using a generic survey. When your business is ready to conduct a compensation survey, think about getting professional help. Human Resources consulting can ensure your success and make sure you are staying compliant.

Brown Plus offers HR Consulting to support clients with outsourced HR services, recruitment and staffing, employee relations, compliance with HR-related laws, HR audits, employee benefit plans, Family and Medical Leave Act (FMLA) and personnel manual and policy development.

Posted In: Human Resources Consulting | Insights

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