72.(p. 239-240)What is a survey? What purpose does it serve in terms of compensation? Finding the fairest and most motivating compensation for your team members is one of the most important jobs for HR leaders like you. Along with organizing your company’s structure and ensuring staff members stay engaged and motivated, determining a dedicated compensation plan is key to growing your organization and evolving over time. Show A popular method of evaluating a fair employee compensation strategy is to refer to a valid compensation (or salary) survey. Accurate, relevant, and timely compensation survey results help tremendously when benchmarking your own organization’s compensation structure. However, for many organizations, the task of conducting a salary survey is tedious and often time-consuming. In addition, the Department of Justice Guidelines on the use of salary data must be adhered to as wages are covered under the Sherman Anti-Justice Act. We at Astron Solutions have helped many organizations and businesses develop their HR strategy and compensation plans. With our HR consulting experience, we’ve created this guide to dive deep into whether compensation surveys are necessary and if they can help your own organization. You’ll be exploring the following topics:
You can click on the section that most interests you, but we recommend starting from the top to ensure you’re not missing any essential gaps. Let’s get started! What is a Compensation Survey?Ruth Mayhew’s Chron article Strengths & Weaknesses of a Salary Survey, explains that,
Put simply, compensation survey results provide key insights into job roles and their salaries, helping employers determine and best create their own compensation strategy. A compensation survey can focus on job titles, geographic regions, employer sizes, and industries, and generally primarily reports on cash compensation data. That survey data is usually made up of quantifiable aspects of compensation such as:
You can try and find already completed compensation survey results, but it’s difficult to find one with all of your organization’s unique considerations. Many organizations and businesses also turn to HR consultants and other outside agencies for help with administering custom surveys. These are professionals who will work with you to help create and facilitate the best survey to meet your needs. Before you make any decisions, however, let’s review the benefits and common challenges that may come with compensation surveys. Salary Survey BenefitsCompensation surveys can give you a key look into how other organizations are engaging with their employees. Specifically, salary surveys have the following benefits that HR leaders can take advantage of:
The above makes it seem like, why wouldn’t you get involved with compensation surveys to help aid your own HR practices and organization? However, there are some challenges that may come with compensation surveys, which you’ll learn about next. Compensation Survey Common ChallengesConducting compensation surveys isn’t as simple as asking your competitors what they pay their employees. Let’s go over the common challenges that may come with compensation surveys:
There are some things you need to consider before you begin the custom survey process. Compensation surveys are based on data, so having the best resource is always good practice. Conducting a Compensation SurveyConsidering all the benefits and challenges listed above, a salary survey might not be 100% necessary at all times for all organizations. But it can definitely ensure you’re fairly compensating and engaging your employees, which should always be a top concern. If you already decided that you’re interested in using a compensation survey, you’re now probably wondering how to actually conduct one. Always keep in mind that it’s crucial to use reputable sources. The sometimes low cost and often easy option is to refer to already published compensation surveys, whether from consulting firms, online web companies, or the Department of Labor. In fact, some solid salary survey data can be had for free through the Department of Labor’s Bureau of Labor Statistics (www.bls.gov). In addition to BLS and professional associations, job boards can be effective sources of free salary data. However, for more specialized jobs or management or C-level roles, it is much harder to find the exact data and survey to fit your needs. For a compensation survey that can truly give you insight into your own HR strategy, a customized survey that you conduct with the help of a compensation consultant is probably the best move. A customized compensation survey has several advantages, including:
Conducting a third-party custom survey means you need to figure out the right audience to survey and come up with the key questions that will aid your organization.But as you learned in the previous section, conducting your survey consists of more than just asking people how much they’re paid. There are legal and privacy aspects to consider, so it’s necessary to partner with a reputable service that can ensure you’re on the right track. Partner with Astron Solutions for your Salary SurveyNot only do we have expansive HR consulting services, but we at Astron Solutions also create and conduct custom salary surveys for organizations and associations in unique fields. With over 20 years of experience, we can help leaders like you with:
Astron Solutions works with you to not only create a comprehensive and detailed compensation survey but leaves you with the resources and insight to take action after the fact. According to National Director Jennifer Loftus,
Is your organization in need of a custom salary survey? Astron Solutions can help! |