Salary Survey: What and Why do Businesses Need it?
September 27, 2021
Salary surveys in Vietnam are bringing about positive changes in information systemization, allowing businesses and human resources departments to gain a better understanding of the labor market.
Talentnet-Mercer salary survey is the ideal choice due to the specialized Mercer methodology for the Vietnam market.
What is a salary survey?
Essentially, the salary survey provides businesses with an overview and details of the corresponding salary of each position at companies in the market that follow the same regulations and industries. This survey can be segmented by geographic area, market area, or job category.
A high-quality salary survey must include data bars, information, accuracy, and transparency. The survey assists experts in developing cooperative HR policies and effectively adjusting employee benefits and HR compensation plans, allowing businesses to lay the groundwork for successful business strategies.
Why do businesses need salary surveys?
Many businesses in Vietnam use salary reports to improve the quality of their employees. Due to the specialized method designed from Mercer for Vietnam market, the Talentnet-Mercer salary survey, a collaboration between the Mercer salary structure and Mercer salary survey, as well as a team of experienced Talentnet experts, is the ideal choice. Then what is Mercer’s methodology? It separates salary databases of two groups of multinational companies and specialized domestic companies to protect information that is most accurately determined. Salary surveys provide businesses with the following advantages:
- Businesses can use salary surveys to determine market-based salaries based on job type, education, experience, and other factors. From there, businesses can proceed to create and modify a salary structure that includes a base salary along with bonuses, and benefits rewards.
- The use of annual salary service enables businesses to gain access to factual sources of data on salary trends and fluctuations in the labor market, trends in maintaining salary competitiveness between competitors, therefore avoiding paying too high or too low for positions affected by labor market changes.
- One of HR department’s priorities is to analyze and update employee benefit programs. Consistent use of salary surveys helps in the development of an overall compensation strategy, the preservation of internal equity, and the launch of new and exciting reward compensation to attract and retain talent.
Using a reputable salary survey will not only assist HR professionals in developing good compensation plans but will also position the company differently in the market, making it more appealing to talented employees. Simultaneously, the salary survey assists businesses in actively combining their salary and bonus strategies with their HR strategies, thereby optimizing profits and promoting businesses to achieve their business goals.