Who are the Top Compensation Survey Companies?

Producing an effective compensation plan can be tricky. At the same time, the process entails accessing massive data. HR professionals can access this info in several ways, most effectively by using compensation surveys.

Surveys are critical in creating a compensation plan. In addition, a survey gives valuable insight that can help firms produce smart decisions for the best interest of their workforce and business.

What is a Compensation Survey?

Compensation experts also refer to this as a salary survey. A compensation survey is the process of gathering data related to wages. It covers a certain field or a job role. The scope often includes job roles, location, company size, industry standards, and report data on salary.

The data that survey vendors collect may include base pay, pay ranges, benefits, working hours, and more. A survey should reflect the list of active firms in the labor market to ensure proper representation of every firm.

Why is a Compensation Survey Important?

There are many ways surveys can help a company. As a result, they try to find the best vendor that can offer the services they need. Below are some of the reasons why surveys are crucial.

1. Help with salary benchmarking.

Results from surveys supply valuable insights, including survey data on pay ranges in a certain field or job role. The results show the lowest and highest pay ranges, which help with benchmarking.

2. Help in creating a total rewards package.

Offering a total rewards package is an effective way to attract talent that most firms explore. But to do so requires relevant data about compensation. This is where surveys come in handy. The survey data that compensation experts gather helps in creating a total rewards package.

3. Ensure firms can keep up with the latest salary trends.

Being aware of the latest trends in compensation is critical. Companies need to know what they can offer to their employees. Survey data makes this doable.

4. Aid in creating a culture of fairness.

Having a workplace that promotes fairness is crucial. Using surveys helps create transparent and clear methods.

Top Compensation Survey Vendors

There are several survey vendors in the labor market. It is vital that HR professionals know who they are and what services they can provide. Here are the top ones to take note of.

Salary.com IPAS Survey

The IPAS survey offer HR-reported data from around the world. It can supply salary data on more than 2,000 benchmark jobs across various trades. The data includes base pay, incentives, allowances, and merit raises.

Salary.com US Compensation and Benefits Survey

This survey tool offers salary and benefits data across multiple industries. In addition, it offers current and reliable US pay data for certain firm sizes, industry, and labor market.

Compensation Market Data and Salary Surveys

The Compensation Market Data is an effective survey tool to help price jobs around the world. It offers data from several fields including retail, technology, and consumer goods.

Radford Global Technology Survey

There are firms that need specific data surveys. Firms from technology and life science fields are a best example. For them, there is the Radford Global Technology Survey. This tool offers data linked to technology and life sciences.

Mercer Compensation Data

The Mercer Compensation Data offers data from various fields. These include survey data coming from the health, finance services, and technology fields.

Aon Total Compensation Measurement (TCM) Survey

The Total Compensation Measurement or TCM Survey is also a tool that offers survey data from many types of fields. They cover total rewards data from the finance, healthcare, and technology fields.

Willis Towers Watson Data Services

The WTW Survey offer timely and credible data on the labor market. They cover various fields and job levels, including executives. They carry data on thirty-two million workers in 130 countries.

Hay Group PayNet

This survey tool from Hay Group PayNet supplies the latest trends in the market. It offers data from over 150 countries and twenty-five million workers. Firms can access this data 24/7 and all year round.

ERI Economic Research Institute

ERI survey offers a database with a high volume of data to ensure its correctness. Also, it offers global pay data, surveys focused on certain fields, and general surveys.

PayScale

PayScale survey helps their clients manage over 10,000 surveys from over three hundred joiners. All the data they carry comes from partner firms. This helps ensure data is correct and recent.

Getting data that is correct and recent is crucial when it comes to compensation. Companies employ firms that offer surveys to make this possible. As a result, they can create effective pay plans that will benefit themselves and their workers.