Compensation data is collected from various employers and is analyzed to develop an understanding of the amount of compensation paid. Studies may focus on one or more job titles, geographic regions, employer size, and or industries. The purpose of compensation studies provides a means for comparison of salaries at the company.
Establishing market rates for core positions within an organization is important for a variety of reasons. First and foremost, it guides decision making for pay decisions including hiring, promotions, internal equity salary adjustments, and general compensation budget planning. Because labor costs are the largest cost to any organization, a solid understanding of the external value of each position allows an organization to develop an approach for setting overall compensation philosophy, or the level at which the organization will set salary levels.
Our Compensation Analytical professionals are trained to compile, analyze, and publish data in a confidential and robust manner, ensuring a true representation of pay levels in the market.
Study data is often time sensitive and may become out-of-date quickly. Because of the time sensitive information, surveys are often identified by the year or quarter in which the data was collected.