DEFINITION

It is a means of obtaining detailed data regarding what other firms are paying for specific jobs or job classes within a given labor market. Surveys: - Gather & summarize information for monitoring movement & developments in labor 'market' -Provide a means for comparison of salaries within the institution It may be purchased, outsourced to consulting firm or be conducted by the organization itself.

Objectives Of Survey

To gather information regarding the industry standards and know more about the market rate i.e. compensation offered by the competitors To design a fair compensation system To design and implement most competitive reward strategies To benchmark the compensation strategies

The Purpose Of A Survey

To adjust the pay level in response to the changing rates paid by the competitors. To establish or price its pay structure. To analyze pay-related problems. To estimate the labor costs of product/service market competitors.

Types Of Data Gathered

Base salaries Salary Ranges Starting Salary Incentives/Bonuses Allowances and Benefits Working Hour & Conditions

Sources of Data
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General national & regional published surveys Management Consultant Databases Sector Surveys Industrial Surveys Occupational Surveys Pay Club Surveys Published Data in Journals Job advertisements Recruitment Consultants and Agencies

Types of Compensation Surveys

Designing The Survey

Who should be involved in the survey design - it should be outsourced to external consulting firm or purchased from it - Or organization should conduct itself How many employers should be included - no. of organizations to be included in the survey. - In case of less number of players in the industry less number of participitants

Cont….

Which jobs should be included -(benchmark approach, - low-high approach or - benchmark conversion approach What information to be collected - about the nature of organization - about total compensation system - specific pay data on each incumbent in the jobs under study

Factors Affecting the Quality Of Survey Data

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Job Matching- Basic aim is to compare like with the like, as far as possible - Matching by Job title - A brief description of duties & levels of responsibility - Capsule job Descriptions - Complete job description - Job Evaluation Timing of Surveys Pay increases over time

Presenting The Data
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After data collection, it has to be presented in meaningful form to make analysis possible. Measures of Location (Mean, Mode, Median) Measures of Dispersion - range - upper, lower & inter quartile - upper & lower decile Statistical Presentation Graphical Presentation

Organizations Conducting Salary Surveys

Job Star Salary Surveys ...originally established for the California job seeker, this site has the largest collection of salary surveys online anywhere. salary.com ...much more than just salary resources, this site is dedicated to not only salaries but total compensation. Job Search Intelligence ...provides statistically defensible compensation data to Job Seekers, Employers, and persons with an interest in precise compensation values.

Cont……

Economic Research Institute (ERI) Abbott, Langer & Associates Bureau of Labor Statistics Occupational Employment Statistics SalariesReview.com

Organizations Conducting Salary Surveys in India
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Hewitt Associates – Gurgaon Paycheck.in- IIM, Ahmedabad Wealth Tree Advisors Pvt. Ltd. Mumbai E value serve Pay Scale India

Some Of Recent Studies In India
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Compensation Synopsis Study - Electronics & Telecom industry Position Compensation CEO: Asia Outsourcing industry Position Compensation - Country Manager Position Compensation Benchmarking - CEO Auto Components Compensation Synopsis Study - Business Process Outsourcing / Call centers

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