HR departments often find themselves fighting for their budgets, even more so when money is tight and companies are vigilantly managing costs. These days, it's increasingly important to prove that an investment in the people side of the business reaps a valuable return. HR departments need to be looking for ways to both show their ROI and improve upon it.
One area to focus on is compensation, where companies can increase the return on the investment made in purchasing salary surveys. The following key principles are a few ways companies can get more out of the money and time they spend on gathering market data.
Purchasing surveys that have the most job matches. The greater the number of jobs a company can match to any one survey the better. The cost of the survey can be spread to jobs across the entire company and the HR department doesn’t end up spending money on data that won’t be used.
Making accurate job matches. Using inaccurate benchmark jobs can result in overpaying employees or not paying them enough. The company will end up with either inflated salaries or problems attracting and retaining employees and all the time spent making those inaccurate matches is lost.
Participating in surveys. Vendors often incent companies to participate in surveys by giving discounts on the purchase price. Not only will a company cut down on their costs by participating but they will also get a better sense of the vendor’s methodology.
For CompAnalyst users, take advantages of exciting new features. The latest updates for CompAnalyst includes a job match matrix for survey management, which helps companies save both time and money when using salary surveys by:
• Detailing job matches across multiple salary surveys. This allows companies to see which survey jobs match together and cuts down on the repetitiveness of job matching.
• Providing benchmark recommendations from Hewitt’s Certified Compensation Professionals. This gives companies confidence in the accuracy of their job matches and shows that the data supports the company’s needs.
• Suggesting surveys to purchase. This helps companies fill data gaps and focus their dollars on surveys that will be beneficial.
• Showing job matches in a table view. This allows companies to view multiple jobs at once and quickly identify where data gaps may exist.
For CompAnalyst users, take advantages of exciting new features. The latest updates for CompAnalyst includes a job match matrix for survey management, which helps companies save both time and money when using salary surveys by:
• Detailing job matches across multiple salary surveys. This allows companies to see which survey jobs match together and cuts down on the repetitiveness of job matching.
• Providing benchmark recommendations from Hewitt’s Certified Compensation Professionals. This gives companies confidence in the accuracy of their job matches and shows that the data supports the company’s needs.
• Suggesting surveys to purchase. This helps companies fill data gaps and focus their dollars on surveys that will be beneficial.
• Showing job matches in a table view. This allows companies to view multiple jobs at once and quickly identify where data gaps may exist.
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