Salary Surveys and Benefit Surveys in Canada-How they are useful for an Organization?

Salary Surveys Canada is conducted as a way to determine the average compensation paid to an employee in different jobs. Compensation data from different sources is gathered and assessed to get an understanding of the competitive compensations being paid in the market for specific jobs.

A Benefits survey on the other hand is conducted by employers who want to assess their employees’ satisfaction level towards the employee benefits they have provided to them.

The usefulness of both a Salary Survey and a Benefits Survey to an organization are discussed below.

Salary Surveys in Canada and their usefulness to an Organization

Organizations need to close the gap between salary packages they offer their employees as compared to the industry average. A well paid employee stays motivated and as a result the organization has to face less employee turnover. To determine a fair level of compensation for a specific job, a salary survey is conducted. The salary survey may be useful to an organization in a number of ways.

1. A salary survey helps gather data about information on compensations about different job positions in the industry.
2. A salary survey helps the organization to set a competitive salary package for their employees based on what their competitors are offering.
3. A salary survey helps set a benchmark for future compensation strategies of the organization.
4. A salary survey helps devise a compensation system that is fair and rewarding.

There are two types of Salary Surveys conducted by organizations.

1. Standard Salary Survey: Based on the organizations objectives, these salary surveys are conducted on a regular basis annually.
2. Custom Salary Survey: When an organization needs to know something specific, these salary surveys are conducted. For example if an organization has introduced a new position and they need to know a fair compensation package, they can conduct a custom survey.

Benefits Survey in Canada and their usefulness to an Organization

When applying for a job, people tend to get attracted to organizations who provide certain benefits along with the compensations offered. The more attractive benefits, the happier an organizations employee may be. For example a great employee retirement benefit scheme may keep the organizations employees very happy because the organization chose to look after their long term plans. A Benefits Survey can be conducted by an employer to determine how happy their employees are with their job, sometimes a simple pat on the back may not be enough.

Benefits Survey can prove to be useful to an organization in the following ways.

• The Benefits Survey can be used as a benchmarking tool for meeting the organizations’ strategic objectives.
• The Benefits Survey can help the organization devise a competitive benefits package as compared to its competitors in the market.
• The Benefits Survey can help the organization gather information about the expectations of their employees and they can then integrate them into their corporation strategy.
• By the help of a Benefits Survey Canada an organization can get an insight into which benefits offered by them need to be improved to achieve a happier and more motivated workforce. For example extending the maternity leave after a survey tells that the current one is not long enough.

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.