Wage Survey
CONTENT
Introduction
Basic of wage survey, Compensation & Benefits Reason behind wage survey Different Factors of Industrial Environment
1. External Environment
2. Internal Environment
Compatible market Analysis Method
Survey Methodology
1. Primary Data
2. Secondary Data
3. Type of Sampling
4. No. Of Respondents
Analysis of the collected Data
Conclusion
Recommendation & Suggestion
Limitation of the study and future scope
Introduction
Salary Surveys are tools used to determine the median or average compensation paid to employees in one or more jobs. Compensation data, collected from several employers, is analyzed to develop an understanding of the amount of compensation paid.
Basic of wage survey, Compensation & Benefits
While job evaluation is internal equity, wage and salary surveys ensure external equity. A wage and salary survey provides information as to what other organizations that compete for employees are paying. The survey could be over all of the jobs within an organization (obviously costly and hence avoided) or limited to benchmark jobs, jobs that are used to anchor the company’s pay scale and around which other jobs are slotted, based on their relative worth to the firm. The benchmark jobs have the following basic characteristics:
1) Many workers in other companies have these jobs
2) They will not be changing in the immediate future in terms of tasks, responsibilities etc.
3) They represent the full range in terms of salary such that some are among the lowest paid in the group of jobs, others are in the middle range and some are at the high end of the pay scale.
Formal and informal surveys (through telephone, for example) could be undertaken to collect data on benefits like insurance, medical leave, vacation pay etc. offer a basis on which to take decisions regarding employee benefits. Published sources also provide valuable information regarding industry wise trends in salary structures in and around the
Introduction
Basic of wage survey, Compensation & Benefits Reason behind wage survey Different Factors of Industrial Environment
1. External Environment
2. Internal Environment
Compatible market Analysis Method
Survey Methodology
1. Primary Data
2. Secondary Data
3. Type of Sampling
4. No. Of Respondents
Analysis of the collected Data
Conclusion
Recommendation & Suggestion
Limitation of the study and future scope
Introduction
Salary Surveys are tools used to determine the median or average compensation paid to employees in one or more jobs. Compensation data, collected from several employers, is analyzed to develop an understanding of the amount of compensation paid.
Basic of wage survey, Compensation & Benefits
While job evaluation is internal equity, wage and salary surveys ensure external equity. A wage and salary survey provides information as to what other organizations that compete for employees are paying. The survey could be over all of the jobs within an organization (obviously costly and hence avoided) or limited to benchmark jobs, jobs that are used to anchor the company’s pay scale and around which other jobs are slotted, based on their relative worth to the firm. The benchmark jobs have the following basic characteristics:
1) Many workers in other companies have these jobs
2) They will not be changing in the immediate future in terms of tasks, responsibilities etc.
3) They represent the full range in terms of salary such that some are among the lowest paid in the group of jobs, others are in the middle range and some are at the high end of the pay scale.
Formal and informal surveys (through telephone, for example) could be undertaken to collect data on benefits like insurance, medical leave, vacation pay etc. offer a basis on which to take decisions regarding employee benefits. Published sources also provide valuable information regarding industry wise trends in salary structures in and around the