Strengths and Weakness of a Salary Survey Canada

To start with we all know that salary surveys Canada are the benchmark used by human resources practitioners to compare the compensation structure of an organization. The salary survey Canada is just a tool. In this article both terms; Compensation survey Canada and salary survey Canada can be used synonymously since both terms are aimed at comparing the plan for an organization.

Relying on salary surveys Canada, conducting a wage survey or participating in one has it plus and minuses.

Overview

A salary survey Canada is known to contain all data about the wages and information that relates to wages. The survey carried out may compare the employee wages interdepartmentally, by the organization or company. The comparison may also be based on the job title or position. Earnings or geographical regions are also criteria used for the comparison.

Survey data received by Compensation survey Canada are used for building compensation survey Canada structures. The Salary survey Canada are also important in determining if employees are receiving fair competitive wages.

Some companies that are just starting up sometimes rely heavily on the Compensation survey Canada in planning for their business inception and growth.

The compensation surveys data are not only used by starting up organizations, but are also integral to established organizations for the purpose of recruitment. The reason why the established organization uses the Salary survey Canada data is to recruit the best talent, you will need to know wage data in order to offer competitive wages.

Participation

To participate in the Compensation survey Canada, the organization needs to provide the data of the confidential wage data to the entity that will compile and analyze the data.

Another point you need to know is that salary survey Canada doesn’t reveal the name of the participating companies.

A Very good example of the Compensation survey Canada that can be released may be the "Top 5 wholesalers’ salary survey" or "Salary survey of steel industries in Toronto".

One of the strengths of these surveys is that the Salary survey Canada contains an assortment of data that could not otherwise be available or accessible.

Those that participate in the Salary survey are the first set of people to receive the result from the salary data survey. The results they get is in exchange for the time, information and effort that they have put in to make the survey successful.

Another plus is that the names of those organizations that participated will be easy to deduce and when they can they can identify the employers that participated, the wage structure of the company can be available for people to see including industry competitors.

Use

The data of the Salary survey Canada can be used to ease the job of the compensation manager.

If the salary survey Canada contains data that are specific enough, it can be of help in establishing a new compensation plan.

Another good use of the Salary survey Canada is that since the large organizations can have data for wages and they pay the most competitive wages, they make it possible for smaller organizations that are just starting up to recruit the most qualified candidates.

One of the major setback and weakness of carrying out the salary survey Canada is that all salary surveys share is currency.

It takes time for the information gathering and analysis. The survey becomes more difficult when it is done in a more fluctuating economy. This is because immediately after the result from the survey is released the information may be outdated or irrelevant.

So to produce very accurate information, the survey needs to be carried out in a less extensive scale and within a short period of time.

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.