How to do a compensation study?
There are just a few simple steps to conducting a successful compensation analysis. Step One: Set Goals. Step Two: Examine Your Organizations Current Pay Practices and Pay Philosophy. Step Three: Gather the Data. Step Four: Put the Data into Action and Set Ranges. Step Five: Follow Through and Implement Changes.
How much does a compensation study cost?
Companies with fewer than 500 employees spend an average of $2,000 annually on salary surveys, and companies with more than 5,000 employees spend up to $15,000 or more each year on these important data sources.
What is md minimum wage 2022?
As of January 1, 2022, Marylands minimum wage increased from $12.20 to $12.50 an hour, while the federally-mandated minimum wage remained at $7.25 an hour.
What are the best salary surveys?
The United States Bureau of Labor Statistics. A sub-department of the Department of Labor, the BLS is where all of the various employment and labor data sources are aggregated, analyzes, and presented to the public. CompAnalyst by Salary.com. Glassdoor. Indeed. PayScale. Salary Expert. LinkedIn Salary. JSIs Data Reports.
How often should you do a compensation study?
These studies determine the market value of each job, benchmark salary ranges, propose equitable salary ranges for managers and ensure internal parity. In order to remain competitive, it is recommended that organizations conduct compensation studies every three years.
How long does it take to complete a compensation study?
Explore the current state of compensation An up to date job description for every job in the organization. This should include job titles, roles and responsibilities, level, experience needed, and education. This step could take up to six to eight weeks, depending on the size of your organization.
How do I do a salary survey?
Reviewing how to do salary market research and conduct research for compensation projects will help you get the best results possible. Identify Your Target Professional. Create a Random Sample. Choose Your Survey Method. Construct Your Questions.
How long does it take to complete a compensation study?
Explore the current state of compensation An up to date job description for every job in the organization. This should include job titles, roles and responsibilities, level, experience needed, and education. This step could take up to six to eight weeks, depending on the size of your organization.
How are salary surveys useful?
Salary surveys can identify the compensation structure. There are multiple parts of a salary package to be considered, including base pay, incentives, retirement plans, bonuses, and benefits. Researching survey data can help an organization break down how to divide compensation among the various available categories.
What is the best website to compare salaries?
The best salary research sites are Glassdoor, SalaryExpert, Salary.com, Indeed, and the Bureau of Labor Statistics (BLS).
