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Most HR professionals know about compensation survey data and how it can enhance their employee management efforts. Many also know that by participating in these surveys, they can further maximize the value of the results they get. That’s because whenever HR professionals participate in a survey, they go through the enlightening process of analyzing their company’s structure and jobs in order to match them to positions found within the survey, increasing their understanding of how their workforces and remuneration structures compare to the market.
But what many people don’t know is just how easy it is to participate in these compensation surveys, especially after the first year. After all, for many clients, it’s that first year that’s the most cumbersome simply because it’s a new learning experience, and it takes time to understand how the organization’s jobs stack up against the vendor survey positions. Naturally, every year after that should get progressively easier, assuming you don’t switch between vendors (which is a very inefficient way to do your salary benchmarking). Indeed, with repeat participation, you’re sure to find a host of efficiencies and benefits, but you’ll also want to be aware of the things that may change on an annual basis if you want to truly get the most out of your efforts. Here’s everything you need to know about repeat participation.
Just remember that every year of participation makes it easier to submit your information and to stay adaptable to these changes. You gain efficiencies and value throughout the process.