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SALARY BENCHMARKING
Compensation and benefits studies, also known as salary surveys, easily capture compensation and benefits data in a way that makes comparisons easy and meaningful. Like all Dynamic Benchmarking platforms, our salary benchmarking studies allow for an unlimited number of custom questions to ensure that the nuances of compensation information are properly captured. There are two common approaches with this type of survey:
ORGANIZATIONALLY FOCUSED
These salary studies are for organizations to enter salary data about the positions they have in their organization as well as answer a series of questions about their insurance offerings, paid time off and other benefits provided to employees. The Dynamic Benchmarking system easily scales up and down, making it simple for
companies of all sizes to sponsor or participate in the same compensation study. Regardless of the size of the company, everyone who has access to the salary benchmarking platform can conduct comparisons on any position or benefits data point and apply filters to drill down and create peer groups for data comparisons that are most meaningful to their organization. Compensation and benefits studies can be of great value to organizations who’d like insight as to how they compare against others in their industry when it comes to rewarding their employees and are often used to attract and retain top staff.
INDIVIDUALLY FOCUSED
A salary benchmarking study can also be directed at individuals who answer a series of questions about their own salary, job responsibilities, education, experience, etc. Individuals find these studies useful in comparing their compensation packages to others in similar positions and find the data helpful when negotiating a raise or compensation package for a new position. Dynamic Benchmarking platforms allow direct comparisons for every question so the individual gets to decide which data is most useful for their particular situation.
Organizations of all kinds choose to sponsor benchmarking studies for a variety of reasons. All sponsors of Dynamic Benchmarking platforms receive 24/7/365 full access to the collected data for reporting state of the industry, trends and other important findings from the data. Non-personalized versions of all platform reports can be made available for writing articles and preparing presentations on the data.
PROFESSIONAL AND TRADE ASSOCIATIONS
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As the ‘voice of their industries,’ professional and trade associations commonly conduct compensation and benefits studies to help their organizational members make smarter human resources decisions and/or provide their individual members valuable career insight not available elsewhere.
BUSINESS AND TRADE PUBLICATIONS
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Annual compensation, benefits and salary benchmarking studies are a common feature in many business and trade publications. Issues featuring these reports are frequently the most widely-read issues of the year.
CONSULTANTS
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Human resource consultants and industry-specific consulting firms will often conduct compensation and benefits surveys as a service to their clients or to position themselves as industry experts. For more information on how your organization can benefit from a salary benchmarking study, or to schedule a private demonstration, contact us today.