Conducting Compensation Surveys
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What is the purpose of a survey? How would you design a survey for setting pay for welders? How would you design a survey for setting pay for financial managers? Do the issues differ? Will the techniques used and the data collected differ? Why or why not
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Solution Summary
This article briefly highlights some of the important aspects of compensation surveys, such as how companies conduct them and the differences on how they compare. It also discusses what information can be derived from a compensation survey. References are provided.
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What is the purpose of a survey?
The primary purpose of a compensation survey is for companies to collect information about the marketplace such as salaries, bonuses, salary ranges, education levels, working conditions, etc. This information is then processed by companies to determine how much they want to pay their employees and what requirements they will have on education levels, etc. It is a way for companies to know what their competitors are doing and paying so they can remain ...
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