Explain the need and usefulness of wage survey?
Pay and benefit survey consists of information on pay namely the market rates and employee benefits structure in other organizations. It enables to position the pay and benefits within the organization in tandem with its policies on reward comparabilities. The pay survey facilitates in the construction and maintenance of a competitive pay which is market compared, because of which you develop a strong base for attracting and retaining talented people, decide levels of pay for individual jobs and scales of pay structure grades, provide guidance on internal differentials vis-a–vis external differentials, information and data on any adjustment required to general or individual pay levels through pay reviews. Surveys may involve the national, regional or local markets or all the three. The national and regional labor markets are scanned mostly for the professional, managerial and technical staff and the local market throwing light on the clerical, highly skilled, skilled, semi skilled or unskilled blue-collar workers. Data on salary and wages can be compiled under the following headings - basic, variable pay, total earnings, benefits, other allowances, total remuneration, pay scales, pay movements, pay increases. The said data could be collated from sources such as general, national and regional published surveys, management consultant databases, industrial and occupational surveys job advertisements and market intelligence.
Pay and benefit survey consists of information on pay namely the market rates and employee benefits structure in other organizations. It enables to position the pay and benefits within the organization in tandem with its policies on reward comparabilities. The pay survey facilitates in the construction and maintenance of a competitive pay which is market compared, because of which you develop a strong base for attracting and retaining talented people, decide levels of pay for individual jobs and scales of pay structure grades, provide guidance on internal differentials vis-a–vis external differentials, information and data on any adjustment required to general or individual pay levels through pay reviews. Surveys may involve the national, regional or local markets or all the three. The national and regional labor markets are scanned mostly for the professional, managerial and technical staff and the local market throwing light on the clerical, highly skilled, skilled, semi skilled or unskilled blue-collar workers. Data on salary and wages can be compiled under the following headings - basic, variable pay, total earnings, benefits, other allowances, total remuneration, pay scales, pay movements, pay increases. The said data could be collated from sources such as general, national and regional published surveys, management consultant databases, industrial and occupational surveys job advertisements and market intelligence.
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