Industry-specific compensation information provides a clear competitive advantage to employers. With validated market data in hand, you won’t overpay new recruits to remain competitive. Decisions about pay can be made based on actual market rates – rather than anecdotal or self-reported data. The benefits of participation in a compensation survey are many.
Set Defensible and Rational Pay Ranges
Detailed knowledge of market rates enables you to set consistent pay levels across your company. You no longer need to trade opinions with top management or employees about pay. You will have an objective resource of reliable data to back up your recommendations.
Rational pay ranges are even more critical now, in the age of pay transparency laws.
Comply with Pay Transparency Laws
To comply with pay transparency laws in states where the laws apply, employers must post the salary range for every job opening. The employer will first want to set defensible pay ranges, ranges which can be clearly explained to job candidates and to internal employees.
Survey data specific to your company’s industry makes it possible to establish and adjust salary ranges and structures for each specific job. Survey data results provide the benchmark for all roles and levels in the organization.
Understand Trends in Pay by Position
Compensation data provides valuable insight into the job market. Pay rates for different skills do not move in lockstep, and not all disciplines or levels experience compensation changes of the same magnitude or at the same time. Similarly, jobs are constantly evolving and developing.
Regular participation in industry-specific compensation surveys provides trend information by position along with insights into “hot jobs”.
Attract and Retain Talent
Survey results provide HR professionals access to in-depth data about how competitors are paying for base salary for each specific level and skillset. Additionally, the data include the bonus amounts and equity awards offered for each role. Good market data provides an understanding of the full compensation package required to be competitive.
How can you afford not to participate in a trusted compensation survey?
The Croner Company surveys provide market data in a wide range of industries, including animation and visual effects, digital content, digital media, e-Commerce retail, e-Commerce transactions, digital advertising, digital publishing, search and social media, entertainment – film, television, theatrical and streaming, and software gaming. Our annual survey participants get comprehensive compensation data along with salary budget surveys and interim special topic surveys during the year.