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The importance of a compensation survey for both the employer and employee

Posted on 11/5/2014 by Elizabeth in category: survey software articles
While some people feel that the benefits of a compensation survey are a little one-sided, the truth is that both the employer and employee benefits from one that is well-planned and well-conducted. The right survey software can help with that. These are just a few benefits your business can enjoy through the use of salary surveys.

How Does a Salary Survey Benefit Employers?

Savvy employers understand that in order to remain ahead of the competition, you must be able to recruit and maintain top level talent within your organization. One of the most critical and basic tools you have in your arsenal for doing that, is the salary you offer.

In order to remain competitive in your industry, you must offer salaries that are competitive with similar businesses in your industry and in your location. In order to do that, you need to know what those salaries are.

While this information is typically shrouded in secrecy, after all, no business wants to give the competition an unfair advantage, there are organizations that are devoted to finding out this valuable information. Most of which obtain this information through online survey software and by asking the right questions of the right groups of people.

You can learn from these surveys, though, which salaries are considered average and which ones are considered low. To secure top talent, though, you definitely want to look up when considering raises and starting salaries and make sure your business is on the high side of average.

By studying results of a compensation survey, you can establish salary ranges for employees that are designed to make them happy and keep them loyal to your business. Round the salary off with a competitive benefits package and you should have little trouble recruiting the talent you need to take your business to the next level.

What Do Employees Gain from a Salary Survey?

A salary survey can be an important tool to help you determine whether or not a job offer is as good as it seems. You can easily compare salaries with multiple similar businesses in the area on many different levels. It's one thing to note the entry level salary. It's something else entirely to take into account things like:

* Salary increases
* Salary ranges
* Incentives
* Bonuses
* Benefits
* Hours expected to work
* Work/life balance
* Working conditions

All of these things reveal a lot about a company. It also helps employees currently working for a company make important decisions about rather to stick things out in hopes of a brighter future as you climb the corporate ladder, or to stretch your wings and explore other opportunities.

One simple survey tool filled with the right questions and answers can mean so much to people who are actively seeking jobs as well as those who are exploring their futures within a business organization. Everyone wins when a thorough compensation survey is conducted and released.
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