A salary survey is a standard method of finding out what other organizations pay for specific positions or job categories. Large organizations, in particular, often conduct studies to determine market pay and benefit rates. These studies not only determine the salary levels offered for a given job (low, medium, high) but also determine what other organizations pay.
Organizations can purchase the results of  surveys  conducted by various organizations that are experts in collecting, analyzing, and
disseminating salary data, or they can decide to conduct their own employee surveys .
This type of data is very sensitive and can quickly become out of date. That is why this type of survey should be carried out periodically.
When properly designed and used, salary surveys can provide useful information for comparing salaries and benefits.

Types of data collected in a salary survey
Salary surveys collect quantifiable data such as:

• Base salary
• Salary increases
• Salary ranges
• Starting salary
• Incentives/Bonuses
• Assignments
• Work hours

In addition, a salary survey may include non-quantifiable aspects such as:

• Educational requirements
• Geographic location
• Hiring Sources
• Working condition

Characteristics of a salary survey
A salary survey should include a list of participating companies that are reviewed and ensure that competitors in the labor market are
sufficiently represented.
Additionally, add job descriptions and total compensation information that includes retirement plans, bonuses, incentives, and base pay to
ensure the information is relevant to your employee population. A comprehensive set of data ensures a complete understanding of salary
rates and trends.
A salary survey ensures that the company complies with the law and does not run the risk of fixing prices. If reputable market data is not
reviewed, your options are limited to Internet searches, network rumors, and contacting the competition to determine what they are paying.
When a company spends up to 80% of its gross revenue on wages and benefits, there is a small price to pay to ensure that its wages and
incentives are competitive.
You get what you pay for, this is a fact in a salary survey. Much of the free data online is submitted by people who can inflate your salary
levels. Although some are only available to participate in organizations, however, these are the gold mine because all participants are
investing in providing and receiving the most accurate data available to their group of employees.

At Infinity, our surveys clearly specify how the data was collected and disseminated; we can be sure how to use this information as a
reference for your organization.

Please contact us to learn more on Salary and Benefit Surveys!