Participating in annual compensation and benefits surveys seems like a no brainer for many companies. It’s just part of the annual compensation planning calendar with time set aside each year to take on the task. For others, participation is on an every-other-year schedule, while others just buy data off the shelf.
Whether you are a repeat survey participant or considering your first endeavor, the top five reasons to participate in salary surveys continue to hold true. As is true in most areas of today’s business climate, things are just different now. The stakes are even higher.
Today’s hypercompetitive labor market is experiencing sharp increases in wages even while the talent pool shrinks. Competition in the labor market is not just about hiring talent, it is also about retaining the precious talent you have. How you structure your pay is just as important as the number you offer. Reliable survey data is now more essential than ever.
Investing time and money in obtaining the best compensation and benefits data gives you the inside track to the best talent and prevents you from being left in the dust.
- Compensation is foundational to the employer and employee relationship. If you don’t get this right, everything built on this foundation will be unstable.
- Identifying and paying for skills rather than titles ensures your workforce is moving you forward and will pay you back.
- Participating in Compensation and Benefits Surveys gives you vital access to the most current data and, in some cases, access to tools (e.g., Mercer WIN) that provide unique insight into how your pay competes with that of others in the marketplace.
Mercer Benchmark Database Survey — our fully featured compensation survey, covers more than 700,000 employees across 1,170 companies.
Industry Specific Surveys — data specific to 7 unique industries from more than 35,000 employers; find the best data for unique roles and supplement your general industry data
What employees are looking for is changing. Ensure your compensation and benefits strategy is focused on what’s really important.
- Two employees can have the same total compensation values, but be paid very differently. How you pay employees matters. The percentage in salary versus incentives can be a game changer for sought-after talent.
- Benefits and perquisites come in all shapes and sizes. Finding the right match for your workforce reinforces the foundation you establish and helps your employees flourish.
Compensation Policies and Practices — information on policies and practices to enhance your compensation management process on topics, such as car policies, leave, perquisites, shift premiums, and much more.
Severance Pay Policies Around the World — detailed country-specific reports prepared by local Mercer experts on employment contracts, the local legal employment framework, the rules for terminating employees, and any severance payments due upon termination.
Leave Programs — reliable market data and information on statutory requirements around the world help you create competitive leave offerings.
Allocate time and money wisely for future returns on your investment.
- Benefits of repeat participation span from creating internal efficiencies in Human Resources, to developing a better depth of understanding in data trends, to better anticipate how changes you make will affect compensation.
- Considering the large percentage of company expenditures that goes to compensation, the cost of participating in compensation surveys is quite small. The cost of getting it wrong could be detrimental.
Total Remuneration Surveys (TRS) — our premier Total Remuneration Surveys cover all forms of cash compensation, long-term incentives, and benefits for 300,000 surveyed jobs in more than 140 countries.
Global Compensation Planning Report — hard-to-find information on salary trends and key economic and labor market indices in one handy volume — now updated quarterly.
Take an active role in determining the future of your workforce. Contact us at email@example.com or call 855-286-5302 to participate today!