Salary Survey
Are you paying your people enough? Using a series of searches, we will determine if your organisation's compensation packages are sufficient to attract and retain the people you need.
- You will understand impactful salary levels based on specific roles to better compensate your employees.
- You will receive supporting and dependable data to better determine your next move, to increase employee performance and investment protection.
- You will gather insight into competitive incentives and salary trends.
WHAT IS A SALARY SURVEY?
The greatest company asset is your employees.
The way in which an organisation compensates its employees can have a major impact on your business’ overall performance. A well organised and executed salary survey can identify the industry standard for employee salaries, which in turn, can help guide your strategic direction to retain and encourage talent performance.
Our salary surveys collect data on employee compensation, which also includes the additional benefits package. The package that your company offers is compared to salary levels for similar positions across your industry, sector and region.
For more information, check out this article by MaRS.
WHY IS IT IMPORTANT FOR YOUR SUCCESS?
The salary survey can be used in a multitude of different situations.
It could be that you have someone who has been in a role for an extended period. Maybe you’re unsure if their salary reflects their role duties. You may wish to see if the package that you are offering to prospective employees is attractive enough? You can even use the salary survey to ensure that you are paying your staff sufficiently and protect you from any external competitor threats. You can then rest easy at night knowing that your staff are remunerated for their work, you can go into the market in confidence knowing that you are offering competitive rates, you can improve candidate attraction and increase staff retention.
OUR SALARY SURVEY ROADMAP
Firstly, we need you to define the position you wish to benchmark within the company.
We agree on the search parameters. We will typically base the salary surveys on either location, industry, or level of responsibility – or potentially all three of these. To ensure that the information that we collate is accurate, we require the predetermined formula from the client.
We will require the current salary scale details of the person(s) being assessed. This is to ensure an accurate benchmarking comparison.
The data collection process. Data is obtained from professionals who are either actively or recently employed within the parameters set in stages 1-3. (Recent refers to the last 12-months of employment). We will use between three to five candidates as the benchmark, dependent upon how niche the role and salary survey parameters are.
The report is presented to you. This will include information collated on basic salary, bonus scheme information, allowances, car, benefits, and notice periods.
