> Salary Data
A significant area tied to your labor force is the salary expense. You might
want to look into how you are spending to compensate your employees. Like all
other expenses, company salary practice is critical on the part of your company
and employee morale.
In HR systems, we now have what are known as a salary survey or
These surveys have the focus of comparing the different salary ranges for
positions in the company. It could be either for timely analysis or for constant
company monitoring on how much it is spending on payroll.
Formulating a balanced salary rate that is reasonable to both employer and
employee can only benefit both parties. Through a salary survey or analysis,
you can get a fair idea of the standard rates of every job in the industry
where your company
belongs. Remember, paying too high a compensation for a number of positions
might result in a loss on the part of the company but giving out below standard
wage can also demoralize and affect employee work performance. A Salary survey
when properly utilized can serve as an effective Human Resources tool to entice,
reward, or retain highly competent personnel.
Since the economy and business conditions are variable, it is sensible to
conduct a salary survey at a regularly basis. Common practice suggests performing
the survey on a quarterly or yearly basis. Online surveying assures you of
quick and accurate results and security of data.