Introduction
Salary surveys are an important tool during a salary negotiation process, and the information and data collected can be used to aid the situation in both the employers and employees favor. Due to the importance of salary surveys, its pertinent to develop an understanding of how salary surveys are conducted, what components factor into the results, and how an employer can use the data to their advantage.
Objective
The objective of this survey is to collect data on the salaries of both current and prospective employees and compare them to wage and salary trends particular to the companys industry. The purpose of this survey is to provide a comprehensive evaluation and possible negotiation tool to assist employers and potential employees in determining a fair and equitable remuneration package.
Methodology
The methodology used to complete this survey is to survey both current and prospective employees on their salary expectations and then compare those figures to the median salaries in the industry. This will provide the employer with an accurate indication of the going market rate for their industry.
Data Collection
The data was collected using an online survey. Current and prospective employees were asked to provide detailed information regarding their current or expected salary expectations, their job history and job related experience, their most recent position and salary, and their desired job title, duties, and salary.
Analysis
After the data was collected, it was analyzed to determine the average salaries for current and prospective employees in the relevant industry. The survey results were then compared to the median salaries for the same type of employee in the same industry.
Conclusions and Recommendations
The results of the survey indicate that there is a significant difference between the salaries of current and prospective employees in the industry. The survey results also show that current employees tend to receive a higher salary than those just entering the industry.
Based on the survey results, it is recommended that employers analyze their data to make sure they are providing salaries that are competitive with the market rate. Additionally, it is also recommended that a company offer compensation packages that are tailored to each individual employee based on their experience, qualifications, and job title.
Conclusion
Salary surveys are an important tool when it comes to salary negotiations. Knowing what the market rate is for a particular industry and position can greatly aid an employer in determining an equitable and fair salary for a prospective or current employee. Appropriate use of a salary survey can also give employers an edge in the negotiation process and help them retain excellent employees.
