Discover the simplicity of annual salary survey participation
You’d be hard pressed to find an HR pro who will dismiss the importance of salary survey data and how critical it is to an organization’s talent and compensation management strategies. However, did you know that by participating in salary surveys annually, you unlock even more value?
Each salary survey cycle forces you to analyze your company’s structure and jobs, helping you see how your workforce and pay compare to the market.
The first year is the toughest
It’s a learning curve to match your jobs to survey positions. But after that, it gets easier—especially if you stick with the same vendor annually. Annual salary survey participation increases efficiency and adds benefits. It also forces you to get into the details and identify changes in the survey that will help you maximize your results..
Benefits of repeat salary survey participation
- Pre-populated submission materials: Repeat salary survey participants can get pre-filled data fields from most vendors, saving time and hassle. With Mercer’s guidance and resources, these materials are helpful, especially if the team member submitting data is new to the organization. The submission steps are simple: (1) verify constant info; (2) update changes (such as new jobs); (3) match roles; and (4) submit.
- Streamlined job matching: Familiarity helps, but don’t rely only on job titles—even in year two or beyond. Job descriptions can change, so review them carefully to ensure accurate matches. Many companies store Mercer job codes for easy reference. Mercer has thee Mercer Job Library, a framework to simplify repeat participation with consistent job titles and descriptions across markets and industries.
- Deeply discounted salary survey purchase price: Cost savings of 50% or more are a key perk to survey participants with membership programs, and additional savings are offered to yearly participants.
Tips for annual survey participation
There are several steps you can take and things you can consider to efficiently participate in annual salary survey data submission. Here are a few suggestions:
Submit data that reflects internal changes
Your company evolves. If your IT department restructures, update your survey data submission accordingly with new job matches. Don’t just pick “Same as Last Year” without reflecting on changes—that’s a common pitfall.
Watch for survey updates
Salary survey vendors typically modify questions and/or add new questions annually to keep data relevant and useful for employers. You’ll usually be given some type of notice of what has changed from the prior year; use that to double-check your salary survey data submission for accuracy. New jobs might be added, or job descriptions updated.
Identify data gaps
Regular participation helps you spot missing data. Only veteran participants can pinpoint gaps and know which survey products fill them. The more you participate, the better your data quality.
Additional resources
Each year you participate, submitting data gets easier and more efficient. You gain insights and value that grow over time. You’ll naturally improve in your ability to participate efficiently in salary surveys each year. and Mercer also provides additional guidance through several resources.
Take a look!
Our Mercer team is more than happy to help you select the right salary surveys for your organization, guide you through the participation process, and answer any questions you have. Reach out to us at surveys@Mercer.com or by calling 866-605-1031.
About the author
Rebecca Hall, Principal
Rebecca spent much of her career working in compensation in various corporate roles then transitioning to consulting with Mercer. Her current role, as the Content Leader for imercer.com, allows her to leverage her knowledge of human resources and talent strategy to create materials supporting Mercer’s Products & Services in North America.