Salary Survey: Ensure your company remains a magnet for top talent

In today’s dynamic business landscape, staying competitive in the job market is essential. It is imperative to ensure that your employees are not only fairly compensated but also that your company remains a magnet for top talent.

A salary survey is a method of collecting and analysing data on the compensation and benefits offered by different organisations for similar positions or job categories. It can help you to benchmark your pay practices against the industry standards, and identify any gaps or opportunities for improvement.

A salary survey can provide you with valuable insights, such as:

• The average salary range for a given job title or function in your region, sector, or market.
• The salary trends and projections based on current and future demand and supply of talent.
• The incentives, bonuses, allowances, and other benefits that are commonly offered or expected by employees.
• The educational requirements, skills, qualifications, and experience that are relevant and desirable for a certain role.
• The working conditions, culture, and environment that influence employee satisfaction and engagement.

By conducting a salary survey, you can:

• Ensure that your compensation strategy is aligned with your business goals and objectives, and supports your employee value proposition.
• Attract and retain top talent by offering competitive and fair pay and benefits that match or exceed the market rate and expectations.
• Motivate and reward your employees for their performance, contribution, and loyalty, and foster a culture of recognition and appreciation.
• Enhance your employer brand and reputation by demonstrating your commitment to transparency, equity, and diversity in your pay practices.
• Comply with the legal and ethical standards and regulations regarding pay equity and discrimination.

As part of Resourceful Executive’s Leadership Advisory business, we can design and administer a bespoke survey instrument, a clear, concise, relevant, and unbiased survey that covers all the aspects of compensation and benefits that you want to measure. We also administer the survey instrument properly, using different modes of administration, such as online, email, phone, mail, or in-person, to ensure that it reaches the target participants, and that they respond to it accurately and timely.

Resourceful Executive choose the best sources and methods of data collection for your survey, depending on your needs and resources. We can use primary data collected directly from the participants of the survey, such as competitors, or industry peers. We can also use secondary data, obtained from existing sources, such as published reports, databases, or online platforms. Resourceful Executive use a combination of sources and methods, to ensure the validity and reliability of the data.

We can analyse and interpret the data using different techniques and tools of data analysis, such as descriptive statistics or inferential statistics. Resourceful Executive interprets the data carefully, to avoid any errors, biases, or misinterpretations.

Our bespoke reports communicate the results clearly, concisely, and convincingly, to highlight the key points and implications. They compare and contrast the data, to identify any patterns, trends, or anomalies.

If you are interested in learning more about our bespoke Salary Survey’s and making data-driven decisions to drive success, please contact Kerry Larkin, Associate Partner of Resourceful’s Executive business.