T6: Salary Surveys

Question 1

What is Salary Survey?

Answer 1

The systematic process of collecting and making judgements about the compensation paid by other employers

Question 2

Salary surveys are conducted for what kind of jobs?

Answer 2

For an org’s benchmark jobs

time consuming and ex for all

Question 3

IMPT- Major Decisions in Pay-Level Determination (6steps)

Answer 3

1. Specify pay-level policy
2. Define purpose of salary
3. Specify relevant market
4. Design and conduct survey
5. Interpret and apply results
6. Design grades and ranges or bands

Question 4

2. The purposes of a salary survey

Answer 4

• To adjust pay level
• Adjust pay mix
• Establish pay structure
• Analyze pay-related problems
• Estimate labour costs of competitors

Question 5

3. Specify Relevant Market

Competing for…

Answer 5

Occupational, geography or with p/s market competitors

Question 6

4. areas to question when Designing salary survey

Answer 6

Who should be involved?
How many employers?
Which Jobs to include?
What information to collect?

Question 7

5. Interpret Survey Results by…

Answer 7

Verifying Data
conducting Statistical analysis
Updating the survey data

Question 8

5. When analysing and presenting results, ensure…

Answer 8

• All survey returns are correctly filed
• Timing is important (deadline)
• Tools for analysis used
• variation of presentation methods (like bar charts, scales)

Question 9

IMPT- RMB your calculations for salary survey (the quartiles and percentiles bs)