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Five benefits of conducting a compensation survey using survey software

Posted on 3/28/2019 by Elizabeth in category: survey software articles
Your company's employees are your greatest asset. How you compensate them has a huge impact on the overall performance of your company. Using a high-quality compensation survey is an essential component in your business's compensation strategy, helping you to attract and retain productive employees. Here are five benefits of using compensation online survey software.

1. Receive Data in One Place

Although there's an increasing amount of free compensation data available on the web, having to hop from one site to the next to gather up pay packages isn't productive and is a time-consuming process. It can also create risks for your company, including a tendency to burn through equity and cash resources quicker than expected and weak internal pay equity since you could be collecting fragmented and inconsistent data sources.

Using an industry-focused, strong compensation survey tool as a foundation for payment decisions allows you to manage resources more wisely and make fairer decisions. You'll be saving a lot of time as well by having all the data like salaries, equity award information and annual bonuses on one consistent platform.

2. Retention

As for your current employees it can greatly demotivate them to feel that they're being underpaid and it will only hurt productivity and morale. Retain engaged staff and reduce turnover by committing to a salary survey. Not to mention, having reputable data at hand while in salary discussions can help with the negotiation process.

3. Business Planning

Create salary budgets by knowing the correct ranges of salary for similar industry positions. Having compensation survey software data at hand will help you make more informed decisions when generating your budget or adjusting it throughout the year.

4. Knowledge of Current Trends

Participating regularly in industry-specific salary surveys provides trend data by position. Jobs are always developing and changing. Compensation survey information enables you to find out what your competitors are paying for high-demand jobs.

5. Legal Compliance

Participating in compensation surveys consistently will help ensure your business stays in legal compliance and not put at risk for "price fixing." When you don't review credible market data, you have limited options which include networking hearsay, internet searches and having to contact competition to determine what they're paying — all which increases your risk of violating antitrust laws.

Bottom line, using a reputable compensation survey regularly is important to your compensation plan’s effectiveness and retention strategy. Avoiding expensive mistakes and taking advantage of the benefits of a compensation survey compared to what it costs to conduct one allows your HR team to protect your company’s biggest investment. Now that you know some of the benefits of conducting a compensation survey with software, isn’t it time that you implemented one?
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