Benchmarking Pay for Future Success
Ensuring your employees are competitively paid is critical for attracting the right talent and retaining your workforce. As labor markets shift with economic changes, there are risks for your organization if your pay practices are out of alignment. Paying above or below market can have consequences, and your compensation strategy must align with your company goals and philosophy.
The Benefits of Compensation Surveys
Participating in a compensation survey provides you with reliable, comparative data from which you can evaluate the appropriateness of your pay across key jobs in your organization. Key benefits include:
- Focused results – In-depth studies on key functions and job families allow you to match jobs to get a full picture of roles within your organization
- Robust data – Including all elements of total cash compensation helps you understand how your pay practices compare and how different levers are used in relation to total compensation
- Multiple peer group comparisons – Analysis by job family, industry, geographic area, and company size provide various data points to inform your decisions
- Trending – Regular participation provides visibility to pay trends over time and how your adjustments align with the market
ScottMadden’s Approach to Compensation Surveys
ScottMadden leverages the industry-tested Foushée survey approach for benchmarking your compensation. Our process ensures strict confidentiality and secure handling of your data and complies with the antitrust Safe Harbor Guidelines issued by the U.S. Department of Justice for collecting and reporting salary survey data. Current survey offerings include the Security and Compliance Compensation Survey and the Environmental, Health, & Safety Compensation Survey.
ScottMadden’s functional expertise and long-standing survey and benchmarking practices allow us to serve as an ideal partner to provide comprehensive data to support your compensation analysis and planning process.