A

PRESENTATION ON

Wage & Salary Survey

Presented by :
AMOL 14MBA1029
ANKUSH 14MBA1038
BIKAS 14MBA1057

Academic Year : 2014 - 2016

Introduction
Salary Surveys
Surveys collecting information about employee compensation, including
salary and benefits, are commonly called salary surveys. Salary surveys
are conducted with numerous employers to determine pay levels for
specific job categories and are generally conducted either by region, sector
or job classification for the purposes of comparability. In conjunction with
other tools, salary surveys can provide useful information to attract,
support and retain employees within the context of an overall HR and
organizational plan.

Objectives of a Salary Survey

To gather information regarding the industry standards
To know more about the market rate i.e. salary offered by the
competitors
To design a fair salary system
To design and implement most competitive reward strategies
To benchmark the compensation strategies

Types of data gathered in a salary

survey
Salary Surveys are analyses of compensation data. This data may include
quantifiable aspects of compensation such as:
1. Base salaries
2. Increase percentages or amounts
3. Merit Increases
4. Salary Ranges
5. Starting Salary
6. Incentives/Bonuses
7. Allowances and Benefits
8. Working Hours
Salary Surveys may also include non-quantifiable aspects of compensation
such as:
. Educational Requirements
. Geographic Location
. Source of Hire (Internal/External)
. Working Conditions

Types of Salary Surveys

Types of Salary Surveys

Standard Surveys
Standard surveys are undertaken by organizations on a regular
basis. These surveys are conducted annually based on the
organizational objectives. These surveys attempt to cover the
same companies every year and provide the same time of
analysis. The reports are published annually by the research
organizations. The organizations willing to formulate their
compensations strategies based on the surveys purchase the
reports from the research organization.

Types of Salary Surveys

Custom Surveys
At times, a few organizations need to know some specific
information. The surveys which cater this need are known as
custom surveys. The organizations either higher research
organizations to conduct these surveys for them or they
themselves conduct the survey by sampling few of the
competitors on their own. These surveys do not have any time
interval. They are undertaken as the need arises. They focus
on important issues usually one or two.

HOW TO CONDUCT A SALARY SURVEY

Public and private organizations, including non profits, nearly all use market
parity as a starting point in structuring their pay systems. Even when these
systems are not formalized, decisions about pay are usually based on
some kind of market-based rationale.
Employees expect objectivity and equity in decisions about their pay, and
good managers do their best to meet that expectation. One very important
tool to help them determine market parity is the salary survey.
Surveys can be as casual as a telephone call regarding a single job or as
structured as a ten-page questionnaire sent to dozens of agencies. This
discussion covers a middle ground between these extremes; it is aimed at
the agency administrator who is not a statistician and whose experience in
salary administration may be limited.

BENEFITS OFSALARY SURVEY

Salary surveys have more to offer than meets the eye, and are more
relevant than ever. Here are eight reasons why. With a compensation
survey you can
1.Pay employees competitively.
By participating in credible compensation and salary surveys, youre able to
offer competitive salary packages that attract and retain top talent.
2.Adjust pay based on market conditions.
Salary survey analysis identifies incumbents who are paid significantly less
than the market, providing an opportunity to make adjustments over time to
bring those salaries up to a competitive level.
3.Establish salary ranges. Without compensation survey data, designing
new salary ranges or adjusting pay structures amounts to shooting in the
dark.

BENEFITS OFSALARY SURVEY

4.Estimate labour costs of competitors.
Surveys can help you understand pay trends in your industry and
geographic region, giving you a grasp on how much of your competitors
funds go where.
5.Provide data for pay-related HR projects.
When designing a bonus plan, surveys allow you to analyse each job to
determine the actual bonus paid, the target bonus percent, the actual total
cash delivered and the target total cash.
6. Get what you pay for. Theres a reason why I trust my doctors
diagnosis over Yahoo Answers; its the same reason why most companies
find their survey data worth paying for.
7.Be a good citizen in the HR community. No matter how competitive
your industry is, we all do better when we collaborate.

10

Thank youforyour
attention

Have any Queries ?

24