We'll Take Care of This Step in Your Budgeting Process, No Problem. 📊
No judgment if you're using salary.com for compensation benchmarking, but there are better, more accurate options out there. According to a 2023 Gallup poll, only 50% of employees reported being satisfied with their compensation, while 33% cited dissatisfaction due to pay inequities and inadequate raises.
A 2024 LinkedIn survey revealed that 45% of employees consider inadequate compensation a top reason for leaving their job. Competitive pay isn’t just a nice-to-have—it’s critical for retention. We recommend conducting a Compensation Data Study to start your year off right. What will this provide you and your organization?
1. Market Competitiveness
Why it matters: Compensation studies help companies benchmark your pay structures against industry and geographic standards. This ensures you offer competitive salaries, helping to attract and retain top talent.
Impact: Employees are less likely to leave for better-paying competitors, reducing turnover costs and fostering a stronger workforce.
2. Pay Equity and Compliance
Why it matters: A compensation study identifies potential pay disparities across gender, ethnicity, or job roles, ensuring fair and equitable pay practices. It also helps ensure compliance with legal requirements like the Equal Pay Act or state-specific wage regulations.
Impact: Fosters a culture of fairness, improves employee trust, and reduces the risk of costly lawsuits or reputational damage.
3. Support for Strategic Business Decisions
Why it matters: By aligning compensation with business goals, you can better structure pay plans, including performance-based incentives, bonuses, or benefits, to drive desired outcomes.
Impact: Helps allocate budgets effectively, incentivizes productivity, and aligns employee performance with organizational success.
So, how can you ensure your compensation structure is competitive and fair? It's time to schedule a Compensation Data Study for 2025. For companies with 100 or fewer employees, a one-time fee of $2,750 covers:
✅ Workbook setup
✅ The full analysis
✅ A mid-point clarification call
✅ A detailed report, including:
Job description notes
Timeframe data
Each employee plotted within the 10th, 25th, Mean, 75th, and 90th percentile
Title and job description suggestions based on research
Modeling for future performance review increases
Recommendations for leveling pay if employees are over or undercompensated
Pay band data for each job title
Defined raise and bonus pools for easier planning
With this study, we’ll provide the clarity and insights you need to move into 2025 with confidence. We can knock this out in about a month, setting you up for success as you finalize your budget. Let's take your budgeting process to the next level.
