LaborIQ

For those of you leveraging data, but still losing employees and job candidates because of pay, it might have to do with your data source.

The methodology used to benchmark salaries can give you a different insight into what it takes to attract and retain employees.

Methodology matters when it comes to your compensation benchmarking software and your best approach is to leverage robust data sets that are brought up to date through economic forecasting and data science.

Knowing the rate to offer is critical for all of your roles, and having to do guesswork is both time-consuming and risky.

What to look for in your data source:

☑ Robust and comprehensive data sets that are based on tens of millions of salary observations across industries and locations that are validated by actual paystubs. This removes the bias of small sample sizes but still lets you customize the results by industry.

☑ Time-adjusted, or aged, data based on changes in the economy and labor market. By definition, salary surveys lag due to the timing of collection and depending on when the employee last had a pay adjustment. Leverage expert forecasts rather than making assumptions or using out-of-date salaries from other providers.

☑ Specific salary recommendations based on attributes of job requirements. This is the biggest gap missing from almost all compensation benchmark providers. Having an up-to-date range of salaries is a plus, but you still need to know the exact amount to offer a new hire or for merit planning. Broad ranges still leave you guessing.

☑ Ability to have your jobs added if they are missing so that all of your roles get benchmarked. For jobs less prevalent in certain industries or locations, traditional surveys, and other sources often will not include them. Leveraging data science helps provide answers for job titles that are not as common.

What would you add?

The State of Employee Retention 2023 survey is now live, and we'd love your input. The survey only takes a couple of minutes.

https://bit.ly/employee-retention-survey

We have some newcomers to the top searched last month, but and remain at the top of the demand list.