Written by Connor Harrison
December 11, 2018
As the year comes to a close, you may find you have some remaining budget left to spend on total rewards data and technology. Should this be the case for your organization, here are five line items to consider investing your total rewards budget in before the end of December.
Traditional third-party compensation surveys, like Salary.com’s IPAS and Compdata surveys, are a great way to add critical industry- and location-specific pay data to your library at a competitive price, especially if you participate in the survey during your subscription period.
In the United States, Salary.com’s Compdata surveys deliver unparalleled competitive pricing intelligence for thousands of jobs in industries like financial services, insurance, higher education, healthcare, retail, hospitality, legal services, manufacturing, energy and utilities, high tech, and even the not-for-profit and public sectors. Additionally, our Compdata U.S. Benchmark suite offers market data for 560 benchmark job titles, and our job-family specific Compdata surveys offer critical insights into executive comp packages and pay for hot jobs in engineering and IT.
Globally, our IPAS surveys deliver consistent matches and prices for jobs in more than 100 countries worldwide. Our IPAS Global Benchmark suite offers market data for 2,200 benchmark job titles across the globe, and our industry-specific IPAS surveys cover the retail, high tech, and consumer goods industries.
As you look to expand your compensation data library beyond traditional surveys, you should consider investing in a source of aggregate market pay data, which can deliver pricing intelligence for hard-to-find jobs and scopes that may not appear in every traditional compensation survey. And, if you agree with the nearly three-quarters of our 2018 Pay Practices & Compensation Survey participants who said they were not comfortable using employee-reported data to market price, it’s critical that you invest in an HR-reported aggregate data source, like Salary.com’s CompAnalyst Market Data, to use in your pricing process to ensure accuracy.
With over 800 million data points and growing, our CompAnalyst Market Data delivers unparalleled pricing accuracy for more than 15,000 unique job titles across 225 industry breakouts in the U.S. – ensuring you get the right price, for the right job, every time. And with hard-to-find pricing data for today’s hottest jobs, in-line long- and short-term incentive data, and embedded public executive proxy data, CompAnalyst Market Data offers expansive data coverage and critical pricing insights for every job in your organization.
If you operate globally, you know that HR-reported data in international markets can be especially hard to come by. Offering data coverage in 16 different countries, our global CompAnalyst Market Data sets are a great resource for pricing data in other countries, including Australia, Brazil, Canada, China, France, German, India, Ireland, Japan, Mexico, Poland, Singapore, and the UK.
In the today’s job market, top candidates are not only looking for competitive base pay and bonus packages, but also a modern benefits package that creates a compelling employee value proposition and rounds out your total rewards offering. A comprehensive benefits survey, like Salary.com’s Compdata U.S. Benefits survey, can offer critical insights into how your competitors for talent are maximizing their benefits spend to attract and retain top talent.
Our Compdata U.S. Benefits survey leverages survey data from more than 3,400 participating organizations in 14 different industries to help you design benefits packages that deliver a clear, competitive advantage while containing costs.
Whether your business is a growing start-up or a massive global enterprise, compensation management software, like Salary.com’s CompAnalyst platform, can help you streamline compensation processes, drive comprehensive data analysis, and ultimately make smarter pay decisions. If you have budget left to spend at the end of 2018, compensation technology that’s tailor-made to meet your organization’s specific requirements is a strategic investment that will pay dividends throughout 2019 and beyond.
With powerful market pricing workflows, streamlined survey participation and management, smart salary structures, proactive alerts, and comprehensive reporting and analytics capabilities, our CompAnalyst platform is designed to help your team turn data into insights. CompAnalyst makes it easy to marry external market data and internal company data, delivering 360° insights into your pay practices and enabling powerful storytelling in your business.
Looking to kick off a strategic compensation project, evaluate your current pay program effectiveness, or answer specific benefits questions? Allocating end-of-year budget to consulting engagements or retainers is a great way to jump-start the new year with fresh ideas.
Experts from the Compdata Consulting Practice at Salary.com will deliver creative, data-driven recommendations backed by 50 years of combined consulting experience. Whether you’re looking to refine your compensation philosophy or design a rewards program that balances external competitiveness and internal equity, our expert consultants will partner with you to understand your needs and implement solutions that work for your business.
Download our white paper and learn how organizations across the country are using market data, internal analytics, and strategic communication to establish an equitable pay structure.