Salary Surveys: How Do (You or) Your Employees Check Their Salaries?
Most medium to large size companies purchase salary survey information from large consulting firms, such as Towers Perrin, Mercer, and similar firms. But, where do employees go (as they often do these days), to find salary survey information?
Two frequently visited sites are salary.com and salaryexpert.com While there are many different options for using these sources, some of which are free, I would be very careful in making decisions about pay based on these sources alone.
Leave a comment in the comment section letting us know how YOUR pay compares to what the salary surveys say you SHOULD be earning!
These sources may provide some information that is of interest, particularly if you think your employees are using them as a source of information. Most troubling to me is that at least the free information sources don’t provide much information about how many companies the data are based on, how old the data are, and so forth.
For employees, trade publications may be a better source of information. For employers, use reliable sources of salary information. It may cost more, but the cost should be worth it in the end.
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I loooked at one of the free reports (salary.com). A couple of interesting things.
First, they appear to be collecting your data before giving you theirs.
Second, the information shows the percentage of “average” comp. that is bonus and benefits. Helps people comprehend the value of benefits. On the other hand, if an employee compares his/her gross salary to the total comp. figures this site provides, it’s apples to oranges.
Third, there’s an interesting cost of living adjustment based on the inputted zip code.
My bottom line: St. Louis (specifically University City) is significantly cheaper than average (by over $2,000 a year), and I earn more than average for my position and experience (including lots of overtime at regular rates, since I’m an exempt professional).
A final comment: another source of employee info. on pay is intra-company comparison — employees discussing amongst each other, including multiple-hearsay rumors. Some companies prohibit such discussions. In doing so they are in all likelihood violating employee rights.