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Got questions?

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 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 do you respond to salary expectations?

Consider giving a salary range, not a number If a job post asks applicants to state their expected salary when applying for the position, then give a range not a specific figure youre comfortable with. Answers like Negotiable might work, but they can also make you look evasive.

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.

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).

What is the most reliable salary website?

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

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 does a compa-ratio of .75 mean?

A compa-ratio of 0.75 means an employee earns 25% less than the market average. Employees in this compensation range are more likely to leave your organization.

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