When reviewing salary surveys to determine fair pay rates for your employees, follow these tips, said Beverly Dance, founder of Dance Consultancy in Oakland, Calif., at the recent SHRM annual conference in San Diego:
- Review a minimum of three different surveys to avoid high or low abnormalities
- Look for surveys that include a minimum of 10 organizations close to your organization geographically.
- Remember to “age” the data from the salary date to account for wage inflation, which is about 1% each quarter (although many companies froze pay in 2009)
- Save on survey costs by being a participant.