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Salary Survey

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 salary analysis. These surveys have the focus of comparing the different salary ranges for the different existing 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.