How to conduct a Salary Survey

Compensation has become an increasingly important issue for

companies in developing nations who are striving to retain their
employees. Unlike in the past, where people tended to remain loyal to
their employers for extended periods, today's younger workforce tends
to value other benefits besides their salary. As a result, employees
often switch companies for better compensation packages. To address
this issue, compensation analysts frequently conduct salary surveys to
identify current employment and labor trends, enabling management to
make informed decisions.

A typical salary survey usually takes into account the location of the
industry, as this helps employers gain insight into their own salary
structure and the trends in the market, allowing them to adjust their
salaries accordingly. Although salary surveys may differ slightly across
industries, the general procedure remains the same:

Geographic Area and Size:

To begin, list down the relevant corporations present in the area (if
any) from where data will be collected. For example, if you are
conducting a salary survey of an Android developer in a software
house, select five to six software houses present in that area. It's
important to take into consideration the size of the organization, as
larger companies typically offer higher salaries compared to medium
or small enterprises.

Occupational Groups:

It's essential to determine the occupational groups relevant to your

study, including the occupations and titles that are most commonly
used. This helps to ensure that you are comparing similar jobs and
positions accurately.

Questionnaire:

The next step is to design your questionnaire. Instead of requesting

participants to provide their job descriptions, experience, wage
scales, and other documents required for analysis, using a
questionnaire reduces the amount of work required for the survey. The
salary survey questionnaire typically includes data such as position,
title, tenure, seniority, training, supervisory responsibilities, licenses,
and credentials.

Assemble:

Assemble the data obtained from the survey according to benchmarks

such as tenure or experience. Analyze the salaries according to
position and produce median salaries for each title or position.
Produce narratives of the offices that you have surveyed, including all
relevant data that bears on salary data, such as the number of offices
(branches), the number of employees, union representation, if any, and
so on.

Delivery:

Finally, compile your findings and analysis into a comprehensive

document and presentation that you can deliver to employers.
Consider using charts and visual statistics to make it easier for your
audience to grasp the information.

In conclusion, conducting salary surveys is essential for organizations

to keep up with the latest labor and employment trends, ensure that
their salaries are competitive in the market, and retain their
employees. By following the above procedures, companies can gain
valuable insight into their own salary structure and adjust their
compensation packages, ensuring they are providing fair and
competitive salaries to their employees.