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Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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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.

How do I find my compensation level?

How to determine total compensation Start with your base salary. The first step in figuring out your total compensation is knowing your base salary. Add time-off benefits. Figure out insurance costs. Calculate any applicable commissions and/or bonuses. Assess any other benefits you receive.

How do you create a pay structure?

Salary structure: How to create a compensation structure Establish value for each position in your company. Consider your companys competitive posture. Define compensable leverage for your company. Look at external inequalities. Develop a salary structure for your organization. Get your current employees up to par.

What sources do most employers use to benchmark compensation?

External data for analysis is usually gathered from a salary benchmarking survey or other market pay data sources. It is then compared with a companys internal salary database in order to establish whether the salaries offered for a position are in line with market rate expectations.

How do I get compensation data?

Hiring managers and HR staff dont have some golden book with salary information to pull from. The United States Bureau of Labor Statistics. CompAnalyst by Salary.com. Glassdoor. Indeed. PayScale. Salary Expert. LinkedIn Salary. JSIs Data Reports.

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.

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 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 much does a compensation analysis 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.

Where can I get compensation data?

The best salary research sites are Glassdoor, SalaryExpert, Salary.com, Indeed, and the Bureau of Labor Statistics (BLS).

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The easiest way to Assemble Wage Voucher For Free with DocHub

PDF editing simplified with DocHub

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