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 created a single login platform that gives you access to complete compensation data sets. CompAnalyst guides your analysis and management of the entire compensation process.

This includes:

• Survey participation and management
• Salary structures and job ranges
• Pay gaps identifying
• Equity suite
• Consulting and services
• Third-party data sets
• Market data

CompAnalyst Market Compensation Data

So, let’s look at the market data that’s available using CompAnalyst and how it will improve your compensation planning. It is the industry’s largest HR-reported database for up-to-date market pricing information. You have access to 15,000 jobs and real-time data from the companies you compete against in your labor markets.

This includes data with global, US, rural, and urban coverage. You also have the opportunity to create specialty data sets. These are custom peer groups built around specific organizations that you would like to pet your information off.

CompAnalyst also offers an International Pay Analysis System (IPAS) and Compdata. We’re going to explore what Compdata offers you and how it will help you get the current compensation data you require to make the right choices in your organization.

Compdata by Salary.com

Compdata provides you with industry-specific salary surveys within the US. It’s worth noting that while CompAnalyst has data on 21 countries, Compdata specifically offers survey information and participation within the US. We work off a rolling participation model as opposed to annual updates.

As explained by Salary.com, “All Compdata surveys provide 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 on the first of every quarter (January, April, July, and October). The data is more up-to-date and accurate, seeing as the labor market is ever-changing. It entails 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 it Works

On Compdata, you can access survey results or complete a survey. Let’s start with the latter. Participating in a survey entails:

• Creating a brief company profile
• Inputting organizational information such as location, name, and industry
• Detailing your pay practices and benefits for our annual report
• Sharing pay information on your employees on an incumbent level

When accessing survey results, there are five different functions on Compdata.

1. Standard job reports – download the entirety of a survey to use on Excel or on a platform
2. Custom job reports – create and save reports based on job titles or families, geography, gross revenues, numbers of full-time employees, profit status, sector status, industry category, union status, exemption status, effective date, pay rate type, percentiles, and aging factor
3. Peer group job reports – create custom peer groups around specific organizations
4. Pay practice and benefits report – annual survey around benefits and pay practices we see within the market
5. Supporting documents – participants lists and profiles, job descriptions, terms and definitions, geographical breakouts, methodology

Learn More

As stated, Compdata updates its 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 find out how to handle remote workers, what 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).