The salary survey is a fundamental measurement tool for any organization. Through it, it is possible to identify the average practiced internally, and how your industry has acted with the same issue. Therefore, it is advisable to evaluate a series of factors, such as average wages (internally and externally), the remuneration and benefits policy and even the region where your company is located.
With the salary survey , your company is able to assess whether the average practiced internally, is in line with what your industry has performed for professionals.
In addition, it can function as a motivational tool and attract new talent. After all, organizations that don’t bother to conduct a salary survey may be paying their employees horribly.
As a result, the HR sector may be doing more layoffs and hiring than the average acceptable turnover rate . And that is even more costly and detrimental to your brand.
Let’s see, then, how to apply the salary survey and collect the benefits of this good marketing practice? Just continue reading this post!
What is salary research?
It is an instrument that is commonly used by companies today to diagnose the competitiveness of their brand in relation to other companies – in their sector or not – in the market.
And this is done based on the average salary that your organization practices. After all, the appeal that a good career plan , benefits and salary cause in employees and in attracting talent is indisputable .
Especially with regard to the motivation and productivity of the teams. Good wages make people more dedicated to their activities. Partly as gratitude, but also to reinforce its value to the company and, thus, remain on the staff as an important asset.
Therefore, the salary survey must be exercised periodically, since a series of factors can fluctuate the values and, with this, leave your payroll out of date in a short time.
What is its importance?
We have seen that, internally, salary surveys can serve as a strong motivational tool and capable of alleviating problems among employees, such as stress . For the market, in turn, this can be perceived as a way of attracting new professionals , of defining their sector of activity based on their average salary and reinforcing their image of authority.
As a result, this helps to constantly qualify brand awareness for your customers and potential consumers – something invaluable in improving the company’s profitability.
How to apply the salary survey?
Although it is a relatively simple tool to elaborate, the salary survey must be planned with great attention to detail, as it will contribute to its positioning and even to add a sense of purpose to your organization !.
To help you make your decision, below we select the main points that should be included in your salary survey. Just take a look!
Companies that will participate in the salary survey
Elemental point : think, for example, that your company is a startup, and that there are large companies in the same sector, with more than 500 employees. It is impossible to create a parameterization of the same size.
Thus, it is necessary that you do a previous research in order to position your company side by side with your real competitors.
In addition, you have to identify an average number of companies that help to obtain accurate data. For example: two companies will not show the detailed reality of their sector. So, invest in a salary survey that includes information from at least 15 participants.
Other points to keep in mind when selecting companies for your salary survey:
- company size;
- region where it operates and segment;
- the competitiveness of human resources;
- the organization’s internal structure;
- similar positions that can be compared.
With this preliminary information, you are able to filter the data effectively , in order to draw up a comparison that allows an accurate analysis of your market.
Here, it is the key element of your salary survey: the remuneration practiced by the selected companies. However, it is important to pay attention not only to the fixed salary, but also to the variables.
These are the cases of bonuses, PLR or even eventual commissions. This all contributes to a higher average salary, which can generate attractions even if your company’s fixed salary is not the highest.
The business benefits are great attractions for professionals. And this is independent of the generation you more employed – Generation Y to Generation Z .
And, in the salary survey, you can consider the benefits policy to identify which are the main attractions considered by your competitors and, thus, develop a similar or even better project.
Finally, consider the management structure for your salary survey, because it is directly linked to the way in which HR and management operate. And this consequently influences actions that attract and retain the professional talents in your sector.
What to do with the information collected?
As soon as the information begins to be collected, those responsible must evaluate the positions surveyed and filter each information so that the comparison with the reality of your company is made.
Then, just evaluate, point by point, the average that was obtained from the salary survey and the current data practiced by your organization. And so it is possible to see what are the strengths and improvements to be considered.
Not to mention possible insights that can strengthen your brand and make it more competitive from the average that is already established for your market.