Last Updated on April 1, 2021 by EANE Web Administrator
Article submitted by Barbara Piucci
Competitive. Equitable. Defensible. These are the qualities of an important tool for your organization: a formal compensation plan. To develop a plan, or to stay current, you will need current job descriptions, job evaluations, pay grade structures, pay administration guidelines and market pay data to compete in today’s retracting labor market.
When looking for market pay data to set up or update your salary ranges, consider the source. Is it employee sourced or employer sourced data? Pay data gathered from employees is generally anecdotal in nature. Employer sourced is generally researched and validated pay data. Think about the difference between checking with your uncle on what he paid for his car versus checking with Kelly Blue Book.
There is an investment of time and financial resources needed to obtain credible market pay data. The most reliable and comprehensive sources of pay data come from industry and association salary surveys, professional compensation databases and government occupational information sources, such as:
- The EANE 2021 Southern New England Salary Survey. When you participate in our survey, you will receive the survey free of charge. The survey normally sells for $500.00.
- Your EANE membership gives you a free trial of the Payfactors compensation platform. Log into your EANE account and sign up for the trial.
- The Bureau of Labor Statistics (BLS) provides compensation reports for over 800 jobs nationally by state, metro area and zip code and is free of charge. (Attend our April 15, 2021 virtual event “Future Forecast” webinar to learn more from the BLS about current labor trends.)
While obtaining market pay data is one only step in the multistep process of developing a formal compensation plan, these three credible sources of market pay data can help to keep you in step with the market.
EANE’s 2021 Southern New England Salary Survey is currently collecting responses. Please email me at bpiucci@EANE.org if would like to participate. EANE Members that participate in this survey receive a free report of the survey results (a $500 value). The team at EANE can help you complete the survey or answer any questions you may have about market pay data and salary ranges.