What Is Talentnet-Mercer Total Remuneration Survey Report: All You Need to Know

What Is Talentnet-Mercer Total Remuneration Survey Report: All You Need to Know

April 26, 2024

In today's competitive job market, offering fair pay is key to keeping your best workers and bringing in new talent. But how do you know if your pay is on par with others? That's where the Talentnet-Mercer Total Remuneration Survey Report comes in - it's a big helper for companies and employees to understand pay scales and make sure they're staying competitive.

As an HR professional, you know that understanding compensation trends is a must in today’s business world. The Talentnet-Mercer Total Remuneration Survey Report is a comprehensive study that gives you the inside scoop on pay practices across various industries in Vietnam. With data from nearly 600 companies, it’s the largest and most trusted salary survey in the country.

This report covers all aspects of employee compensation, from base pay to bonuses and benefits. It also provides powerful tools to help you analyze the data and make informed decisions about your own pay packages. By using the insights from this report, you can ensure your company is offering competitive pay that attracts and retains top talent.

What is Talentnet-Mercer Total Remuneration Survey Report?

The Talentnet-Mercer Total Remuneration Survey Report is a comprehensive study that provides credible and extensive remuneration data to businesses. Its main goal is to help companies create attractive pay packages that can lure in the best talent and keep them motivated to stay.

Think of it as a secret weapon for HR teams. By using the insights from this report, you can shape your compensation strategy to be more competitive. You’ll know what other companies are offering and can adjust your own packages accordingly. This way, you can make sure you’re not losing out on great candidates or risking your top performers leaving for greener pastures.

What is Talentnet-Mercer Total Remuneration Survey Report?
What is Talentnet-Mercer Total Remuneration Survey Report?

What Information Does the Report Cover?

It covers all the key aspects of employee compensation, including:

  • Annual Base Salary: This is the core of any pay package – the fixed amount an employee earns each year.
  • Guaranteed Cash Compensation: On top of base salary, this includes any other guaranteed cash payments like allowances or bonuses.
  • Total Cash Compensation: This takes into account all cash payments, both guaranteed and variable, such as performance-based bonuses.
  • Direct Compensation: In addition to cash, this covers non-cash rewards like stock options or car allowances.
  • Total Remuneration: The grand total of an employee’s compensation, including all direct and indirect rewards like benefits and perks.

But the report doesn’t just give you raw data. As a participant, you also get access to the Mercer Workforce Intelligence Network (Mercer WIN). This online platform lets you slice and dice the data to get the insights most relevant to your business. You can compare your pay packages against the market, identify trends, and make informed decisions about your compensation strategy.

Benefits of the Talentnet-Mercer Survey Report

The Talentnet-Mercer Survey Report offers several key benefits that can help companies optimize their compensation practices.

Allocate Budget Wisely

One of the main advantages of the report is that it enables companies to create competitive pay packages based on regional practices and local data. By leveraging the insights from the survey, HR professionals can ensure they are allocating their compensation budgets effectively.

The report provides detailed information on compensation elements such as base salary, bonuses, and benefits. This allows companies to understand what their peers are offering and adjust their own packages accordingly. By aligning with regional practices, companies can attract and retain top talent while managing costs.

Pay Competitively

Another benefit of the total remuneration survey is that it allows companies to benchmark their compensation practices against competitors. This is crucial for talent acquisition and retention in today’s competitive job market.

By understanding what other companies are paying for similar roles, HR professionals can ensure their own compensation packages are attractive to potential hires. They can also identify areas where they may need to adjust their offerings to remain competitive.

Build Data-Driven Policies

The total remuneration survey Mercer also helps companies develop defensible reward structures. With access to reliable data, HR professionals can make informed decisions about compensation policies and practices.

This is particularly important in today’s business environment, where transparency and fairness are key concerns. By using data to drive compensation decisions, companies can ensure their policies are both competitive and equitable.

Benefits of the Talentnet-Mercer Survey Report
Benefits of the Talentnet-Mercer Survey Report

Exclusive Advantages of the Talentnet-Mercer Survey Report

In addition to the general benefits outlined above, the Talentnet-Mercer Survey Report offers several exclusive advantages:

  • Comprehensive compensation elements analysis: The report provides detailed data on various compensation elements, including base salary, bonuses, and benefits. This allows for a thorough understanding of compensation practices across industries.
  • Customizable comparison against the market: Companies can tailor the report to their specific needs, comparing their compensation practices against relevant market segments. This ensures the data is relevant and actionable.
  • Assurance of external competitiveness and internal equity: By leveraging the insights from the report, companies can ensure their compensation practices are both externally competitive and internally equitable. This helps attract and retain top talent while maintaining fairness within the organization.
  • The largest and most reliable salary data source in Vietnam: The report is the most comprehensive source of salary data in Vietnam. It covers nearly 20 industries and over 600 companies, providing a robust and reliable dataset.
  • Coverage across nearly 20 industries and 600+ companies: The report’s broad coverage ensures that companies can access relevant data regardless of their industry or size. This makes it a valuable resource for a wide range of organizations.
  • The renowned methodology by Mercer used in 140+ countries: The survey uses Mercer’s globally recognized methodology, which is used in over 140 countries. This ensures the data is collected and analyzed consistently, providing a high level of reliability and comparability.

The Talentnet-Mercer Total Remuneration Survey Report is a valuable resource for any HR team looking to stay ahead in the war for talent. With its comprehensive data, customizable comparisons, and renowned methodology, it provides the insights you need to create fair and competitive pay packages.

By understanding compensation trends and benchmarking against the market, you can allocate your budget wisely, pay competitively, and build data-driven policies. This not only helps attract and retain the best people, but also ensures your company is seen as a fair and desirable place to work.

If you want to learn more about the Talentnet-Mercer Total Remuneration Survey Report or access its valuable insights, don’t hesitate to reach out to Talentnet. Their team of experts is ready to help you navigate the complex world of compensation and make informed decisions for your business.

Let's talk

Let's talk

Coming soon: Live Panel about Labour law & Social Insurance

Live Panel: Labour Inspection, Work Permit and Draft Law on Social Insurance (amended)

26th June, 2024 | Live on Quickom platform

Save your slot

Newsletter

Added to cart
CEO Chat: Aligning Tech & People for Sustainable Growth Package: Early bird View cart
Unable to add more items. Your cart can only proceed with 01 single item.
Your cart is empty. Please add new items to continue!