COMPENSATION SURVEY MANAGEMENT
Easily manage and optimize salary survey data in one place.
Best practices suggest a compensation professional should reference at least three data sources when setting market prices for their internal jobs. ERI’s Survey Management tool allows you to easily upload and manage external or internal compensation surveys. The software helps with job matching between multiple salary surveys and provides four options for aggregating data: mean, median, incumbent weighted average, and custom weighted average, which allows you to dynamically weight various surveys as you see fit.
Once configured, the calculated market rates will automatically be imported into the Compensation Management tool for streamlined compensation planning.
WHY
Why use our Survey Management platform to manage surveys over doing it manually?
When you have multiple salary surveys and compensation reports, it can be quite cumbersome to combine them together into one useful report. Finding the mean, median, and percentiles across all surveys would require a lot of work to calculate in Excel. ERI’s Survey Management platform makes it easy to find the averages and percentiles across all your surveys. Matching job titles between surveys also poses a challenge when compiling reports manually. ERI makes it simple to match jobs using benchmarking or job slotting, also allowing you to create custom jobs to unify the data across all surveys. Once the data are combined manually, making any change, such as shift or geographic differentials, factoring in performance-based pay raises, or accounting for education becomes difficult. With our Survey Management software, all these adjustments are effortless to make.
Problem
A medium-sized manufacturing business purchases a salary survey yearly from a reputable survey vendor in the manufacturing business space. The data in the survey are extremely accurate for the business’s specific industry, and the stakeholders want to continue purchasing the survey. The problem with the survey is that it’s very limited to specific job titles that directly relate to the business, making it difficult to price jobs not found in the survey.
Solution
Using ERI’s Survey Management feature, the business can upload the purchased survey, compare it with ERI Assessor Series data, and develop an effective compensation plan. Job titles that may not exist in the purchased survey can be created in the Salary Assessor using the hybrid job title feature.
THE ERI DIFFERENCE
The advantages that ERI’s Survey Management solution offers
- Easily combine multiple surveys
- Organize, classify, and match jobs to your salary survey library
- Factor in differentials to easily customize survey data
- Use job-level market pricing tools for benchmarking, slotting, market adjustments, and market strategy, plus additional tools to identify and fix problems with structures
- Plus, factor in additional data points using ERI’s own salary database
