By Janoi Watson
Salary surveys are rarely recognised for the importance they hold. The surveys offer a gathering of incomes from businesses worldwide that can be studied and associated to your own organisation. Salary surveys essentially collect information from various employees in numerous job categories that can then further be broken down by market sector, geographic area, gender, job type and more.
The job market is constantly changing, which means that we must be kept up to date on what is occurring. In order to stay relevant, organisations must be aware of salary trends. An effective way to keep up is by actively participating in and gaining data from salary surveys and re-evaluating employees’ salaries at least annually.
Salary surveys help determine wage levels and uncover wage trends, or fluctuations in compensation. Over time, with changes in the job markets as well as supply and demand, the numbers in a salary survey will change, fluctuating up or down based on need and importance. Referring to salary surveys over a period of several years can help human resource professionals determine new positions, wage increases, fluctuations, trends or jobs on the decline.
By engaging in a salary survey, businesses can strategically determine various wage levels based on the market rate for the type of job performed, responsibilities, education level, experience, and other elements. As a result of this, businesses can set their salary structure company-wide, thus leading to the overall assistance with helping to decide how many and what types of employees can be hired.
A salary survey can be an important tool to help you determine whether 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. Often, salary surveys will lead to individuals It’s something else entirely to consider things such as salary increases, salary ranges, incentives, bonuses, benefits, working hours etc. In some cases, companies will refrain from engaging in salary surveys, due to them risking the possibilities of losing their employees to offers of better pay packages from competitors.
These things can equally help an employee alongside a company as this provides insight in areas that may have never been addressed before, this can then result in overall company fixtures, improvements and adjustments.
To participate in our annual survey, please use the links provided below.