Salary surveys 20 |20: What to look for when choosing a salary survey partner

In a volatile and uncertain work environment, it is important to make decisions based on facts and supported by the data. For compensation and human resources professionals, there are no better or more reliable data available than the employer’s reported salary survey data.

In our five-part series, \”Salary surveys 20 | 20\” We are providing a broad vision of why you should consider salary surveys even now. In this post, we highlight some things you should look for, avoid and distrust when choosing a survey partner:

Seek …

Effective dates. To comply with the DoJ / FTC Safe Harbor guidelines, the survey data must be published at least three months after the date of data. Scout Out Survey sellers that provide more frequent updates; Quarterly, if available. You come with a proven record of compilationN of data collection and reporting data. Ask the survey providers about their participants, the average tenure of those participants and the volume of new year’s data. Discuss the general size of the sample, including sample sizes.In geographical locations, among similar companies and similar industries for their key work functions. It is confirmed that they offer human resources consulting services and compensation that perform particularly good partners. These firms not only use (large) data / scientific analysts within their survey divisions to obtain statistical trends and models of the large data tables, but also have the experience in the field associating with their colleagues, applying that data in The real world. Consultants can be a great resource for organizations, even if it is not involved in a project with a \”letter lists, which are relevant. Start with a broad approach. At a minimum, your survey library should contain sources with companies that share labor markets with you. Next Look at the surveys that are specific to the industry / industries in which it is or serves. In addition, ‘OFF-Industry’ surveys can provide a useful vision of key employment families. In particular, these are working functions that command \”hot\” skills, competences, a ND certification that knows incurs a premium, but is not well represented in a general or general reference survey. Finally, look for the participants to consider the colleagues, as well as the lists that include the organizations that compete for the product and the services. This hyperlocal industry, specific pairs data may be difficult to find, so you should consider multiple surveys that cover a diverse variety of reward elements.

tome careful …

The term \”real time data\”. Ask suppliers that define (and share their methodology documents), then ask yourself if you need it. Often, these data are ‘manufactured’, aged, adjusted, manipulated, interpolated and extrapolated from one source to time leveraging algorithms and proprietary software. This does not mean that the data has no value, however, only they understand what is and what is not. The result in the true participants. With mergers, acquisitions, demergers and divestments, lists of participants will certainly change. No provider is perfect, and even the best of the best participants lose by a lot of reasons. Absolutely sellers know their statistics retention, gains and losses data volume, Some probably until the level of work! I am skeptical of retention numbers that seem so good to be true and sI A provider can not openly talk with you about strengths, weaknesses and opportunity in case you are associated. You should ask what companies you would like to see in your survey, and you must answer. Data suppliers that provide steep discounts or ‘free access’ to data in exchange for exclusivity (ie, you can not participate in the surveys of another provider). This is a fairly new trend, but I have heard of clients and prospects that are offered this type of agreements. In addition to a monopoly on the data and the obvious negative effect on the participants, this is just a bad idea and flies in front of the best practices. The WORLDATWORK Total Rewards Association recommends that RR and compensation professionals use IPLE data multi-care when market prices. All investigations must place the sources of multiple sources and compensation research is not different and the inclination in a source for allYour data can be risky. Treat your data library as a financial portfolio and diversify!

Avoid …

Offusion data providers (effective) dates or can not inform you about the age of your data. In addition, if the age of the data is concerned, avoid most public data available for free by local and federal governments that can be dated beyond 16 months. The enemy of each provider of surveys and participants alike. Changes in data can occur for several reasons, but some key questions to do: Has there been a material change in the survey and how it is done? Were there changes in the work taxonomy and the methodology of the survey? How about changes in data collection and reports processes? Was there a significant decrease in participants / participation, version-version version? If any of the previous ones is true, consider your options; Avoid.Until stable is an option. Be into account, however, it could still make sense to pursue a relationship in the future. Ask the Supplier if they will allow participation in the survey minus the results. When the results are published, talk the results, re-talk with the Provider about data and, if acceptable, see if you can buy the data at a discount rate. Cuts / Reports that do not comply with secure port guidelines.comPrenda How your data is being used or can be used in pair reports and if the data you send can be identified by others who seek it.

In our next publication, we will cover different types of market data and we will provide some useful tips to administer sunelling with your survey partners.

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