Updating Survey Data to Reflect Your Pay Policy                                                                           ...
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Updating survey data to reflect your pay policy

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This document will help HR practitioners and company owners update their pay structure based on:
1. The company's compensation strategy
2. Market data gained from a Wage Survey

Published in: Technology, Business
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Updating survey data to reflect your pay policy

  1. 1. Updating Survey Data to Reflect Your Pay Policy th Example taken from Compensation (9 ed) by Milkovich & Newman st July 1 : Current Year LAG MATCH LEADSurveys are completed. Average Base (LEAD/LAG)Participants report actual Job XYZ = $45,000 as reported stRates effective last Jan. 1Today you are analyzing the You determine there is a 5% increaseSurvey and making by the end of the current yearRecommendations st July 1 Next Year: Your Plan or Updated Salary Data begins Update here Pay $47,250 for job XYZ Forecasted rate of $47,750 during this plan year For a 5% increase by YOU WILL BE MATCH THE The END of your plan year MARKET ONLY FOR DAY 1 AND LAG THE REST OF THE YEAR- SETTING THE WAGES TO MATCH LAST YEARS’ Update to Here Pay $48,431 during plan year- YOU ARE AHEAD OF THE MARKET RATE FOR ½ THE YEAR AND BEHIND FOR THE OTHER HALF st December 31 : Your Plan Ends Update to here Forecasted rated of $49,612 Pay $49,612 for Job XYZ. YOU LEAD THE MARKET ALL YEAR.

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