How Do You Accurately Gather Compensation Data from Competitors in Your Industry?

Hi,

Could you please share with me your method to get the exact compensation/salary survey of companies in your industry?

In the competitive talent market, compensation is one of the vital focuses. How do you obtain the exact compensation and benefits information of other companies in your industry to improve your company's compensation and benefits system?

Do you:
- Cooperate with consulting companies to exchange information for a fee?
- Collect information from job applicants who have transitioned from other companies?
- Or use another method/channel?

I am confused about this. Which method is the most effective?

Thank you in advance for your help.

Hello Preet,

The first and foremost thing you should do is exchange a report from a consultant company on money. It is then an ongoing exercise to try to capture information from various sources:

1. The candidates whom you interview
2. In general conversation with your network of people
3. Articles in various magazines/papers
4. Also from informal chats with employees who have friends working in different organizations of various sizes

However, in all these efforts, one thing that you have to maintain is internal equity at all times, as not doing so can cause a lot of unrest.

Cordially,
Preet

Hi Preet,

Thank you for your reply to my question. Yes, turning to a consulting company is a formal method. However, can we obtain real and credible information from it? The other methods are also viable.

Best regards,
Iris