Compensation analysis tools
I was wondering what resources you all may be using to assess market compensation outside of the go to platforms like payscale.com, Glassdoor, Robert Half Survey data. Interested in any suggestions, thank you!
Chelsea, for our clients we have access to a very robust compensation database where we can stratify by job function, industry, geography, etc. You may want to ask your employee benefits broker if they have something similar. Call me if you want to discuss. 513-703-8837. Ted Zalla, USI Insurance Services
There is a lot of (free) data you can get online to help you get a good ballpark idea of the salary for a job (i.e. salary.com, payscale.com). We've highly recommended this with some of our smaller clients because it's cost effective. If you want specific data to your industry, company size, region, etc., you'll want to look at more credible data from national surveys (i.e think Mercer). We can get you benchmark data on these types of resources if you need them. It really depends on the size of your business and what you are looking for. I'm happy to talk to you further if that helps (Robin@strategicHRinc.com).
Hi Chelsea - tools like payscale/salary.com/glassdoor, etc. can be helpful but it is very important to note that you are likely looking at crowdsourced data. That means the data comes from individuals submitting wage/geo information with very little checks/balances behind it. If you're looking for strong resources, considering sources of data that have companysourced data. This is going to tell you what other companies are paying as reported by their internal teams (most likely HR) based on job summary/qualifications.
PayScale has a wonderful cloud based tool I use for finding companysourced data, but the price tag is fairly high. Look for industry salary surveys or look into Mercer salary surveys. ERA Is also a helpful resource based out of Cincinnati.
Chelsea, if you reach our to your SHRM chapter in your area sometimes they will survey the members and send out the results to everyone. Another avenue is the Employers Association, they do an annual survey of their members. If you are a member I believe it is free, if not there is a charge. Hope this helps.