Paying people fairly is essential for business. In order to bridge the gap between industry standards and their salary package and stay competitive, companies need salary surveys. This tool is used to determine the average salary and benefits paid to the employees. It analyses the industry standards and allows the company to set up a compensation strategy. It takes into account two perspectives: the external market force and the internal value of jobs to the company.
Compensation data is collected and analyzed from several employers. The number of participants and employees is important: it will determine whether the survey is representative of the jobs and the industry. The credibility of the survey often depends on its scale. It is also time sensitive and can become out-of-date quickly, so the surveys represent the year or the quarter in which the data was collected. Then it needs to be updated periodically as the labour market changes with economic fluctuations.
Determining the wage level of the company is a strategic decision. It establishes the kind and quality of the company’s workforce, its labour costs. The salary survey allows you to know more about the market rate or what other companies pay for similar work in the external market. Then you will be able to design a fair compensation system and implement a more competitive reward strategy.
The standard survey is undertaken by organizations on a regular basis. They attempt to cover the same companies every year and provide the same kind of analysis. The custom-survey meets the needs of some organizations that need to know specific information. They are exclusively available for the participants only. The vertical salary survey studies the salary levels of a company or organisation regardless of the industry. Whereas the horizontal survey concerns the salary levels of the same position(s), but in different companies and can be done for different industries.
Check Point Talent Solutions is a leading provider of salary surveys. We offer a really specific service. Our surveys are based on the real and reliable information coming directly from our clients. We handle this information carefully and with confidentiality. We aim at conducting exclusive salary surveys, shaped by the demand among our clients. We are flexible towards the needs of our clients and try to understand the exact purpose and goals of each salary survey we provide. We can combine both vertical and horizontal methods to retrieve the precise information available on the market. Most of all, we value the confidentiality of the data we provide, so we use first-hand reliable information.