The Anatomy of a Compensation Survey (And Why It Matters)

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The Anatomy of a Compensation Survey

Whether your organization is looking to market price a brand new position for a job posting, make an offer to a potential new employee, overhaul your entire salary range structure, check to see if your wages are keeping pace in your industry, or simply trying to stay true to your compensation philosophy, there is one tool that is indispensible—the compensation survey.
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Is IT Salary Growth Keeping Pace with Job Demand?

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Is-IT-Salary-Growth-Keeping-Pace-with-Job-Demand

With much discussion in 2014 over what city will be the next Silicon Valley, it seems as if every job market is trying to get its share of high tech industry investment, and along with the companies, a share of the tech talent needed to make these companies successful.

Locally, the job market is as competitive as ever with a 2014 article from Crain’s Cleveland Business describing several real life scenarios from Northeast Ohio tech companies involving “super crazy demand” for highly specialized skills within IT, recruitment of passive candidates away from gainful employment, and a focus on creating workplace cultures to lure top talent into new companies, just to name a few.

While the subjective influences that may be at play in this seemingly chaotic battle for top tech talent are a bit more amorphous and take time to develop (i.e. creating an appealing brand or organizational culture) there are also key objective facts that can be identified as likely contributors to the competitive and complex nature of the IT job market.
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4 Tips for Reading and Analyzing Salary Ranges

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creating a salary structure

A key aspect of any healthy compensation plan is transparency. Due to the potentially charged nature of pay, very few organizations share the individual rates of pay for each employee, but there are certainly other ways to help your employees understand how and why their paychecks are what they are even if you aren’t quite ready to email your payroll out to the whole office.

One way to do this is to help your employees understand how you are creating a salary structure and where they fall within this structure. Clearly each structure will vary from organization to organization, but here are a few of the basic questions that you may want to address in order to increase transparency.
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How to Set Compensation in 5 Easy Steps

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Salaries are a business investment, and in order to make sure that you set fair and competitive compensation for jobs it’s important to use a structured method for setting compensation as opposed to choosing a random salary or simply using one salary survey or compensation source.

Employers generally determine salaries based on five (5) types of information: the job's responsibilities, what their competitors are paying, how valuable the job is to their organization, how they pay people in similar roles based on their pay structure, and their budget/organizational needs.

With this in mind, here are five (5) easy steps for setting compensation.
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SEC Proposes CEO Pay Ratio Rule

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The Securities and Exchange Commission (SEC) proposed a rule in 2013, required under the Dodd-Frank Act, which would require companies to disclose a pay ratio of their chief executive officer's compensation to the median total compensation of all of its employees (for the last fiscal year).

The SEC would not prescribe a specific method for organizations to use when calculating a pay ratio, and companies would have the flexibility to determine the median annual total compensation among their employees and make reasonable estimates when calculating elements of and employees' total compensation.  In addition, in the proposed rule, "employee" is defined as any employee who is full-time, part-time, temporary, seasonal, and non-U.S; employed by the company or any of its subsidiaries; and employed as of the last day of the company's prior fiscal year.

Companies would be required to disclose the method they used to identify the median and total compensation as well as any amounts that are estimated.

Source: Securities and Exchange Commission (2013). SEC Proposes Rules for Pay Ratio Disclosure

2013/2014 Salary & Benefits Planning & Budgeting Guide

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We’ve compiled a brief compensation and benefits planning and budgeting guide to help your organization make important pay, health care, and benefits decisions this fall and into 2014. The guide summarizes the latest and most important trends we’re seeing related to administering compensation, health care, and benefits, which affect your organization as it plans for 2014.

Employers project 2.9%-3.0% pay increases for 2013/2014.

Salary budget planning surveys for 2013/2014 consistently report average actual pay increases of about 2.9% for 2013 and project pay increases of 2.9%-3.0% for 2014 for most levels of employees, in line with increases of last year. A breakdown of the projections from these surveys is summarized below.
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