Employee Compensation Survey – Why Business Owners Should Consider Carrying it Out
Posted: Sep 22, 2017
From the Human Resource perspective, it is highly important for organizations to conduct employee compensation survey to determine the latest trends in compensation. This is has been adopted by many countries in Canada, employee compensation is applicable for all Companies irrespective of the size of the Company, Industry and Function etc.
There is an endless list of the benefits employers can get from conducting an employee compensation survey; this article will explain a few of those benefits.
Benefits of Carrying Out Employee Compensation Survey
Employee compensation survey is very useful, because it allows companies to set their own compensation plans on the basis of results obtained from conducting it. This would also enable the company employ as well as retain the most talented people in the industry.
In Canada today, there are many HR Consultants who are specialized in conducting employee compensation surveys. These companies do not only offer compensation reports for different kinds of jobs, but also provide additional information services like cost-of-living comparisons, employee relocation allowances, geographic reference reports, job analysis reports, salary structure analysis and so on.
Feedback of such survey is of paramount importance to the management of any organization, who can take timely, remedial measures to retain the employees and boost their performance in an optimum manner.
Companies benefit by a number of ways. Based on the reports received, the Management can take immediate remedial steps. For example, if majority of employees are not satisfied with the induction training being conducted by the HR Team, the same can be explored and steps are taken to ensure that the training given is quite acceptable to the employees.
Since the HR team may not be conversant with the Survey formalities, the same should be assigned to a highly professionals HR Consultants Team who would conduct the same and give confidential reports to the management for their immediate action.
An employee who is satisfied with the office environment, compensation, benefits, supervisor, working conditions, etc. may be seen as Committed. A Committed employee normally does not leave the organization and go even further and become advocates for their organization. Employees who are satisfied are happy and encouraged to design and create high quality products and offer excellent service to the customers. They are also loyal to the company, thus increasing the profits and help the Company grow to a successful business.
Only a professional organization with their past relevant experience will be able to conduct the Survey effectively because of two reasons:
- Professional competency.
- Employees need to have an open or neutral forum to address all the grievances/dissatisfaction.
It is just not that employees retrieve a form from online, fill in and submit to the management. One needs to have a close communication and one to one interaction with every employee, make a study of the existing Company system/ HR policies, work culture, work climate, and then design the form enabling the employees fill in and submit. Therefore, it is important that the Companies engage a Human Resource Consultant to undertake this job that would study it in detail, submit report to the Management and suggest effective remedial measures to retain the employees.
How do I Conduct Employee Compensation Survey?
Conducting 'Employee Compensation Surveys' in Canada is as easy as A-B-C. As a business owner, it is advisable to consult a professional expert in the field to ensure that all relevant fields are taken care of. The company is a specialized Human Resource Consultant based in Canada, and it is competent and experienced to conduct such surveys.
Coiri provides comprehensive yearly reporting services of benefits surveys, salary surveys, employee compensation surveys, and executive compensation surveys in Canada. Custom surveys, human resources legal advice by us.