Salary surveys are almost performed by all the private and government organizations at the start of making salary strategies in order to create a salary range or pay figure for a particular level of job according to the moving market trend. For a fair business, it is very important to conduct and create a salary survey as this will make your employee attract towards you and will consider a successful and sensible business. Lower pay will result in dissatisfaction of your employees and overpay will increase the payroll budget of your company. For creating an equal level of salary offers and compensation for the employees, it is important to conduct a market survey in which companies and organization check for the salaries and compensations offered by other companies, associations, firms and institutes for a same level job position.
Tips to creating a Salary Survey
Usually, for conducting salary surveys, companies and firms use their own methods and techniques, however, following steps and tips will help you in creating a successful salary/wage survey.
Here is preview of a useful Salary Survey Template created using Microsoft Word,
Determine the Job Levels you want to make a Survey for
First of all, determine your job levels and positions you want to make a survey for, it is important to determine job positions because this will help you in creating a proper salary survey by limiting the numbers of jobs and designations. It will also help you in understanding the job description of each position that you have to consider while choosing firms and agencies to include in your survey. Job surveys if are conducted publicly can benefit you a lot if you have a determination of job position. For example, a company conducts a job survey for an executive post of a construction company by distributing 300 survey forms and get results that an average salary of executive post is $90,000, but 200 of them are working in the education field. The results will never help you in getting the required results.
For a successful survey, a particular location is important enough. For low level job positions, it is better to opt for a local level survey while for top level positions, always try to do a salary survey on a national level.
Instead of creating a public salary survey, it is good to approach particular agencies, companies and firms in your survey. This will help you in getting more accurate results as you are directly dealing with concern people. Moreover, this is a time saving and money saving method. Choose organizations that are closer to your company in terms of size, operations, functions and type of business.
Create a survey form
Once you choose these criteria, the next step is to create a salary survey form. A salary survey form is based on a list of questions that are known as survey questionnaires that are usually about the job position, experience, starting salary, current salary, compensation, job satisfaction etc.
Distribution of Salary Survey Forms
Finally, distribute your survey forms to the concerned individuals, however, never send a survey form in email without asking permission for which you must have to contact the person personally and should discuss your points and then ask for the survey form. This is a professional way that will increase the chances of getting accurate answers.