Planning a Compensation and Benefits Survey: What Key Factors Should I Consider?

Dear Friends,

We are planning to conduct a Compensation and Benefits Survey. Please suggest the factors I should take into consideration. I will be thankful if you can share some related questionnaire.

Thank you in advance.

Looking forward to your positive response.

Naren

Hi Naren,

For a compensation and benefits survey, the following factors should be taken care of:

1. First and foremost, you must identify your comparators in the marketplace with whom you are going to benchmark.

2. For all the job positions for which you are going to conduct a survey, you should have job descriptions, skills, educational qualifications, and industry experience details.

3. Then, you need to match the jobs with your comparators.

4. After job matching, one has to collect the relevant data (compensation and benefits related data).

5. Analyze the data and then decide where you want to benchmark your industry against (e.g., 25th percentile, 50th percentile, 60th percentile, and so forth).

I am really sorry I can't share any questionnaire, but I hope this helps. :)

Regards,
Manika Kapoor

Hi Naren,

For a compensation and benefits survey, the following factors should be taken care of:

1. First and foremost, you must identify your comparators in the marketplace with whom you are going to benchmark.
2. For all the job positions for which you are going to conduct a survey, you should have job descriptions, skills, educational qualifications, and industry experience details.
3. Then, you need to match the jobs with your comparators.
4. After job matching, one has to collect the relevant compensation and benefits-related data.
5. Analyze the data and then decide where you want to benchmark your industry against (e.g., 25th percentile, 50th percentile, 60th percentile, and so forth).

I am really sorry I can't share any questionnaire, but I hope this helps. :)

Regards,
Manika Kapoor

Naren,

The compensation survey methodology is very much the one Monica had detailed out. The primary concern for any organization to conduct a C&B survey is the data collection. It is required that you commission a third party who will carry out this exercise for you primarily to get the data from the comparator companies (who are your competition and hence will not share compensation data with you directly).

The data collection and analysis will be the responsibility of the third-party vendor, and they will provide you with the final report on the compensation practices in the industry; comparing your compensation data with the comparator companies.

Hope this helps.

Regards,
Rajesh Balasubramanian
Ma Foi Consulting
Chennai