You Need Compensation Data to Make Pay Decisions

Getting compensation right is really important. To ensure you’re making relevant and competitive decisions, you need to look at market data first. Objective third-party salary surveys offer insight into how other organizations are paying their workers. Incorporating this information into your compensation strategy will help you attract and retain talent.

Salary.com has developed a single login platform that provides access to comprehensive compensation data sets. CompAnalyst is a tool that guides your analysis and management of the entire compensation process. This includes survey participation and management, salary structures and job ranges, identifying pay gaps, equity suite, consulting and services, third-party data sets, and compensation market data.

Exploring Compensation Market Data with CompAnalyst

Let's delve into the compensation market data available through CompAnalyst and how it can enhance your compensation planning. CompAnalyst boasts the industry’s largest HR-reported database for current market pricing information. With access to 15,000 jobs and real-time compensation data from competing companies in your labor markets, you're equipped with the necessary tools for effective decision-making.

The compensation data includes global, US, rural, and urban coverage. You also have the opportunity to create specialty data sets, which are custom peer groups built around specific organizations for comparison purposes.

CompAnalyst also offers an International Pay Analysis System (IPAS) and Compdata. We will explore what Compdata offers and how it can help you obtain the current compensation data needed to make informed decisions in your organization.

Understanding Compdata by Salary.com

Compdata provides industry-specific salary surveys within the US. While CompAnalyst has compensation data on 21 countries, Compdata specifically offers survey information and participation within the US. We operate on a rolling participation model, ensuring the compensation data is always current.

As stated by Salary.com, "All Compdata surveys provide compensation data on key reward elements including base salary, incentives, and fixed allowances. Featuring breakouts by revenue, geography, industry segment, and new hires; our solution provides you with trusted benchmark survey data where you need it."

These surveys are updated quarterly, ensuring the compensation data is up-to-date and accurate, given the ever-changing labor market. It includes 14 unique industry-specific salary surveys, including our unique benchmark, executive, and benefits surveys. You can subscribe to one or more, and the surveys can be tied to our CompAnalyst platform if you use both.

How Compdata Works

On Compdata, you can access survey results or complete a survey. Participating in a survey involves creating a brief company profile, inputting organizational information such as location, name, and industry, detailing your pay practices and benefits for our annual report, and sharing pay information on your employees on an incumbent level.

When accessing survey results, there are five different functions on Compdata. These include standard job reports, custom job reports, peer group job reports, pay practice and benefits report, and supporting documents.

Learn More About Compensation Data with Compdata

Compdata updates its compensation data every quarter and provides you with rich data based on surveys conducted within the US. If you want access to a broader database, including global market information, consider using Compdata in combination with CompAnalyst.

If you want to learn how to handle remote workers, what compensation data to choose when your organization works with employees across states and countries, and answers to more questions, watch the webinar with our solutions consultant Christopher Mahony - How to Get Current Compensation Data in Today’s Market - Demonstration of Salary.com’s Compdata & IPAS Surveys - Salary.com (wistia.com).

In conclusion, compensation data is a vital tool in making informed pay decisions. By utilizing compensation market data and compensation reports, you can ensure your organization remains competitive and attractive to potential talent.