What to do with all those numbers

Getting the most out of salary survey data
By Jeff Vathje and Manny Campione
|hrreporter.com|Last Updated: 10/31/2008

It’s not as easy as it once was for HR professionals to come up with compensation numbers. The days of simply looking at what others across the country are doing and following suit are long gone.

Compensation professionals are now required to develop strategies that may vary widely by geography, role, sector and employee demographic. Moreover, because competition for certain positions is fierce, these strategies have to be more closely tied to attracting, retaining and engaging those whom the company needs in order to meet business objectives.

Does that mean annual salary increase surveys, traditionally used only for benchmarking purposes, are no longer useful to compensation practitioners? On the contrary, a survey that includes a range of data can be particularly useful in helping create effective compensation strategies.