Five Reasons You Need a Salary Survey

Posted by on November 17, 2020 at 12:45 AM

A salary survey is a tool specifically for remuneration specialists and managers to define a fair and competitive salary for the employees of a company.

Your organization’s employees are its greatest asset. Companies spend between 50 and 80 percent of gross revenues on employee salaries and benefits combined. How your organization compensates its most important asset has a huge impact on overall company performance. The use of a high quality, independent salary survey is a key component in your compensation strategy and helps you stay on target to attract and retain the best talent in your industry.

Here are five advantages that a salary survey offers your company:

1. A Competitive Position
2. Legal Compliance
3. Investment Protection
4. Defensible Decision Making
5. Dependable Data

Using a reputable salary survey like salary surveys on a regular basis is vital to the effectiveness of your compensation plan and retention strategy. Avoiding costly mistakes and taking advantage of the outsize benefits of a salary survey compared to its cost allows an HR team to maximize its protection of the firm’s biggest investment.
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