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What are the best sources of data for job evaluation and salary comparison?

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Job evaluation is the process of determining the relative worth of different jobs in an organization. It helps to establish a fair and consistent pay structure, and to align the roles and responsibilities with the strategic goals and objectives. But how can you find out how much your jobs are worth in the market? How can you compare your salaries with those of your competitors or peers? This is where salary benchmarking and surveys come in. In this article, we will explain what salary benchmarking and surveys are, why they are important, and what are the best sources of data for them.

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Lisa Trewhitt, PhD

Reward Consultant Principal

1 Salary benchmarking

Salary benchmarking is the practice of comparing your organization's pay levels and practices with those of other employers, either within the same industry, sector, or region, or across different markets. The purpose of salary benchmarking is to ensure that your compensation strategy is competitive, fair, and aligned with the market trends and expectations. Salary benchmarking can help you to attract and retain talent, to motivate and reward performance, and to manage your budget and costs.

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Brad Evans, Bachelors in HR-LR,CPHR, RPR

Seasoned Senior Level HR professional with Executive Director Experience
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We have utilized Jouta Performance consultants to help us with our Salary Benchmarking. ONe resource they use is the Economic Research Institute for salary bencharking.

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Elaine Murphy ? Reward Consultant

Reward strategy, job architecture & M&A
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Gradar is a job evaluation/job architecture software that will provide comparator codes for several salary surveys once a role has been evaluated. This makes job matching for surveys easier, and it is also particularly helpful when an organisation is using a number of surveys.

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2 Salary surveys

Salary surveys are the main source of data for salary benchmarking. They are systematic collections of salary information from a sample of employers, usually conducted by professional associations, consulting firms, or research organizations. Salary surveys provide data on the average, median, minimum, and maximum salaries for different jobs, as well as other compensation elements, such as benefits, bonuses, incentives, and allowances. Salary surveys can be general or specific, depending on the scope, size, and methodology of the survey.

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3 How to use salary surveys

To use salary surveys effectively, you need to follow some basic steps. First, you need to identify the jobs that you want to benchmark, and match them with the most relevant and comparable jobs in the survey. You can use job descriptions, job evaluation methods, or job families to do this. Second, you need to adjust the survey data for any factors that may affect the pay levels, such as geographic location, industry sector, organization size, or economic conditions. You can use cost-of-living indexes, inflation rates, or market premiums to do this. Third, you need to analyze the survey data and compare it with your own pay data, using statistical measures, such as mean, median, percentile, or range. You can use spreadsheets, graphs, or charts to do this. Fourth, you need to interpret the results and draw conclusions, based on your compensation objectives, policies, and practices. You can use gap analysis, pay positioning, or pay mix to do this.

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Lisa Trewhitt, PhD

Reward Consultant Principal
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The major survey providers generally provide training in how to use and interpret their surveys. If training is available I'd recommend making use of it. If you're new to using salary surveys it takes time to become familiar with a levelling methodology and become confident in defending benchmarking decisions.

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4 How to choose salary surveys

When choosing salary surveys for benchmarking purposes, it is essential to be mindful of the quality, reliability, and validity of the survey data. Factors such as sample size, response rate, data collection method, data validation process, data currency, and data confidentiality can all affect the accuracy of the results. To ensure you are selecting the best salary surveys, look for those that are relevant to your industry, sector, region, or market. Additionally, make sure they are recent and updated to reflect current market conditions and trends. Furthermore, the survey should be comprehensive and detailed in its coverage of jobs and compensation elements. Finally, it is important to look for salary surveys that are credible and trustworthy with a clear and transparent methodology and process.

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5 How to supplement salary surveys

Salary surveys are not the only source of data for salary benchmarking. You can ask current and potential employees, former employees, or industry contacts for feedback and insights. Additionally, you can use websites, apps, or social media to access and compare salary data from various sources. Lastly, you can hire a professional or an expert to conduct a customized salary survey or benchmarking. However, when doing so, you must be cautious and respectful when asking for salary information, aware and critical of the accuracy and reliability of the online data, and prepared to pay for the cost of the service.

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What are the best sources of data for job evaluation and salary comparison?

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1 Salary benchmarking

2 Salary surveys

3 How to use salary surveys

4 How to choose salary surveys

5 How to supplement salary surveys

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