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Importance of Salary Survey for the Employee and Employer

Guest post by: Ranjita Chattopadhyay

Article Overview: Salary information is one of the deepest secrets of the labor market. However, today many large organizations, management consultancies and websites are conducting salary surveys and coming out with reports on compensation and benefits that helps both employers and employees take a right decision. Such surveys can be online as well as offline (paper pencil ones) and are generally done for the purpose of comparability.

Importance of Salary Survey for the Employee and Employer

Salary information is one of the deepest secrets of the labor market. However, today many large organizations, management consultancies and websites are conducting salary surveys and coming out with reports on compensation and benefits that helps both employers and employees take a right decision. Such surveys can be online as well as offline (paper pencil ones) and are generally done for the purpose of comparability.

The most valuable information that employees get out of such surveys is whether they are getting their actual worth or not. You can compare your salary with those of others occupying similar positions and equally qualified as you are. Thus, you will get a clear picture about whether you are underpaid or rightly paid by your employer.If you are planning to switch to a different sector you can check out what others are being paid at your level in that particular industry. This also applies if you are planning to relocate to a foreign country. Thus, you can take an informed career decision. Knowing what the industry standard is will help you when you are negotiating your salary with your current employer during the performance appraisal process. Even when you are looking out for a new job it will help you frame a figure in your mind so that you can negotiate well with your future employer.

Salary is perhaps the main criteria of accepting or declining a job offer. So it is important that the employer offers a competitive salary to the candidate. The data obtained from salary surveys helps organizations design and manage their compensation structure so that there is internal consistency and at the same time it is at par with the industry standards. In addition to knowing the market rates employers also get an idea of what its competitors are paying. In the process of negotiating salary with any candidate the concerned HR professional knows exactly to what limit he can stretch. By setting the right compensation package, organizations will have that competitive advantage and employees will be attracted, retained and motivated to work in such a workplace.

There is no doubt that salary surveys are important both for the employee as well as for the employer. But care should be taken so that both individuals and organizations choose the most relevant survey and also assess it correctly. Then only one can get accurate information and make good use of it.

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Article Tags: online salary survey, salary survey, salary survey 2010



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Survey the Landlord - Terry, my suggestion is simple but powerful - Survey. Survey Landlords and find out what is important to them. By doing this it does two things: 1. You will find out trends/under-operated services that Landlords are currently unsatisfied with = your client will be able to fulfill 2. You are infact Marketing your clients services by doign this because when you are approaching your landlords it not a sales pitch and they have someone to clear their frustrations with. Then when you approach them after a month (when you've put your numbers together and identified services that are most important) you can remind them of the survey and share with them the results. At this point you can end with an offer to use your clients services to manage their property. I use this method with my clients who are looking for new services to develop in thier markets. It's simple but powerful.
Survey Monkey - Hi ltrahan - interesting concept - how have you found Survey Monkey? Is it a good service?
Post subject: It's Not Personal, just business - I so agree! Actually, the business world as we know it IS in trouble. I heard some stats last week that they expect by the time 2050 that 70% of workers will be freelancers. Employee/Executive Bullying won't be able to stand it when it could be easier for someone to simply contract with the nicer guy (or gal). I, for one, will be choosing the nicer ones!
Survey Monkey - I found Survey Monkey to be a good service as well, it was useful and got the job done. Like Itrahan was saying though, the basic "free" services are a bit limiting though.
Re: What's Up With Word Clouds? - I would like to see Word Clouds used in conjunction with a Survey. I've been experimenting with Word Clouds within Google Docs forms using the advanced Word Cloud Widget.


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