Understanding the Annual Salary Survey
What is the Annual Salary Survey all about? Why is it necessary, and how will an organization benefit from this survey? What is the right and effective way to conduct it?
Regards,
Vijay Kumar
From India, Silvassa
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7What is the Annual Salary Survey all about? Why is it necessary, and how will an organization benefit from this survey? What is the right and effective way to conduct it?
Regards,
Vijay Kumar
From India, Silvassa
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Understanding the Annual Salary Survey
An Annual Salary Survey refers to the yearly compensation and benefits study published by reputable HR consulting organizations like HayGroup, Hewitt, Towers Watson, and W. Mercer. A company can also conduct its own Salary Survey, but doing it annually may be costly and unnecessary.
Salary surveys show the current compensation and benefits practices in various industries and leading companies that participated in the said survey in a particular locality. The survey report is a critical reference material for benchmarking among business organizations that want to ensure their compensation and benefits practices are at par or competitive within their industry, market, and country.
Importance of Salary Surveys
Why are salary surveys important? Because in compensation, there are four basic principles that a company must follow: internal equity, external competitiveness, affordability, and sustainability. The second principle, external competitiveness, compels business organizations to regularly compare their salaries and benefits with those of the market or their competitors for talents. Hence, this matter is very important in reducing a company's turnover rate.
Regards,
Ed Llarena, Jr.
Managing Partner
Emilla International Consulting Services
From Philippines, Parañaque
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An Annual Salary Survey refers to the yearly compensation and benefits study published by reputable HR consulting organizations like HayGroup, Hewitt, Towers Watson, and W. Mercer. A company can also conduct its own Salary Survey, but doing it annually may be costly and unnecessary.
Salary surveys show the current compensation and benefits practices in various industries and leading companies that participated in the said survey in a particular locality. The survey report is a critical reference material for benchmarking among business organizations that want to ensure their compensation and benefits practices are at par or competitive within their industry, market, and country.
Importance of Salary Surveys
Why are salary surveys important? Because in compensation, there are four basic principles that a company must follow: internal equity, external competitiveness, affordability, and sustainability. The second principle, external competitiveness, compels business organizations to regularly compare their salaries and benefits with those of the market or their competitors for talents. Hence, this matter is very important in reducing a company's turnover rate.
Regards,
Ed Llarena, Jr.
Managing Partner
Emilla International Consulting Services
From Philippines, Parañaque
Acknowledge(3)Amend(0)
Annual Compensation Survey for Unionized Workers
The Employers Federation of India (EFI) conducts an annual compensation survey for unionized workers. You may get in touch with them if you want to participate.
The advantage of participating in this survey is that it provides insights into what others are paying in benefits and structures, enabling you to match industry standards.
Regards
From India, Mumbai
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The Employers Federation of India (EFI) conducts an annual compensation survey for unionized workers. You may get in touch with them if you want to participate.
The advantage of participating in this survey is that it provides insights into what others are paying in benefits and structures, enabling you to match industry standards.
Regards
From India, Mumbai
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