Salary surveys involve more than going on line to the Labor of Statistics and downloading a chart.
Salary surveys are used for several reasons.
- The salary survey can help the organization to develop future budgets for its compensation plan, especially when there’s a wide disparity in survey results and the company pay plan.
- The salary survey can help the company make sure its pay plan is competitive with others in the same field from which the company recruits employees.
The salary survey is an important piece of the compensation plan and should be part of the investigation.
They are more effective when conducted by an outside (third party) resource due to the issue of trust.
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