In an increasingly competitive job market, it is essential that companies ensure their compensation is geared toward recruiting and retaining top talent. However, this can be a difficult area to navigate given the constant changes in the market. Salary surveys are considered one of the top tools for ensuring your compensation is competitive, particularly when narrowly targeted data is needed for roles that are challenging to fill. Smart HR’s a custom salary survey allow your company to control the participants and content of the surveys to obtain the most up-to-date compensation practices of your competitors.
Our Custom Salary Surveys Process
Custom salary surveys will vary by client. Outlined below is a look at what is involved in a typical client engagement.
- Conducting a feasibility study prior to launching the survey to determine if there will be enough participation to gain valuable insights
- Collaborating with your team to determine which positions need to be benchmarked against external current market rates
- Updating existing job descriptions as needed and crafting new ones to ensure the surveys are based on the most accurate descriptions possible
- Reviewing job descriptions and interviewing individuals who hold these positions to determine the responsibilities of each role
- Recording the current baseline compensation for every role to be benchmarked
- Creating an appropriate survey that is aimed at collecting the necessary baseline data
- Determining the best way of maximizing participation in the survey, which may include access to the final report and financial or other incentives
- Developing a list of potential participants in the survey and creating an ideal profile of those who should be surveyed
- Creating and implementing a plan for marketing and rolling out the survey, including contact information of participants, a collection effort strategy, and developing marketing materials
- Carrying out the marketing plan according to the agreed timeline and following up to maximize participation
- Formatting, analyzing and reporting on the data collected by the surveys, including specific insights and overall participant demographics
- Comparing compensation data from the client to the data that is collected to inform recommendations
- Creating a summary report and distributing it to participants
- Working together with the client to plan a response to the survey results
Survey data may include quantifiable aspects such as:
- Base salaries
- Merit increases
- Increase percentages or amounts
- Starting salaries
- Salary ranges
- Allowances and benefits
- Bonuses and incentives
- Working hours
Benefits Of Custom Salary Surveys From Smart HR
Our custom salary surveys will give you the information you need to measure your company’s compensation strategy against the rest of your market. Accurate, timely and relevant compensation surveys allow you to find the most motivating and fair compensation for every member of your team so you can keep your staff members engaged and motivated while attracting new talent to the fold.
Get In Touch With Smart HR
Gauge your company’s compensation strategy against the market at large with a custom salary survey from Smart HR. Reach out to our friendly team of experienced human resources professionals today by calling (703) 972-1272 to set up an appointment and discuss how we can help you meet your goals.