Compensation Studies
One of the most pressing issues that companies in today's economy must deal with is how to compensate employees. Soaring healthcare costs are having a heavy impact on profitability. The purpose of a compensation survey is to give you timely information regarding employee compensation programs, including wages, salaries, commission plans, and fringe benefits.
A compensation study provides information on topics such as:
- Employee compensation & bonus plans
- Beginning & experienced wage rates
- Work injuries/safety
- Healthcare plans & premiums
- Retirement income plans
- Paid vacation & holidays
The purpose of a compensation survey is to help companies determine what competitive rates of pay are and to determine what benefit programs are expected by today's employees. With this information, you will be better equipped to control payroll expenses while maximizing employee productivity.
Compensation Report
The compensation report provides cumulative results of all companies that respond to the survey. Results show the "typical" compensation level for common job titles. Characteristics of the benefit programs offered by employers are also uncovered. Data is arranged by sales size, geographic region and line of business, assuming an adequate sample size is provided.
The figures provided in the report provide managers with invaluable insights for setting salary levels and for adjusting fringes benefits offered. This data is also useful for recruiting and employee promotion purposes.
Types of compensation surveys
- Executive compensation
- Sales staff compensation
- Professional staff (engineers & service personnel)
- Plant wages & fringe benefits