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What are employee compensation surveys and executive compensation surveys?
by
Coiri
Information about the salary, bonuses and all the benefits that a company is giving to its employee is called employee compensation. And when the collected information is about the executives to collect the information about the base salary, annual incentives, bonuses, and long and short-term incentives, that type of information is called the executive compensation data. And the process of collecting the data through this process is called executive compensation surveys.
Employee Compensation Surveys:
Employee compensation Surveys includes the information about salary and all the benefits an employee is getting after all the work he is doing. Compensation is usually provided as base pay or variable pay. Base pay is based on the role of an employee in the organization and the market for the expertise required conducting the role. For example, how well an employee achieves his or her goal for the year? But variable pay is based on the performance of that employee in that role. For example, for example, bonus plans are a form of variable pay. Organizations usually associate compensation or pay ranges with the job description in the organization. The ranges include the maximum and the minimum amount of money that an employee of a certain post can earn per year.
Jobs in organizations have two classifications, exempt and non-exempt.
Exempt and Non-Exempt:
Professional, management and other types of skilled jobs are classified as exempt. Exempt jobs get a salary, that is, a fixed amount of money per time interval, usually a fixed amount per month. It’s not uncommon for exempt positions to receive higher compensation and benefits than non-exempt jobs, although non-exempt jobs often can make more money than exempt jobs simply by working more hours.
Unskilled or entry-level jobs are usually classified as non-exempt. Non-exempt jobs usually get a wage or an amount of money per hour. Non-exempt jobs also get paid over-time, that is, extra pay for hours worked over 40 hours a week or on certain days of the week or on holidays.
Each job must have the same pay range for anyone performing that job, that is, one person can’t have a higher maximum pay than someone else doing that same job.
Executive Compensation Survey:
Complete information on an executives base pay, incentives, retention bonuses, variable pay, and all other benefits is known as the executives compensation. All this information is collected through a survey. There are a lot of companies and organizations working online that are offering the service of executive compensation surveys. With the help of compensation data of your competitor, you can easily overcome your weaknesses and use your competitors weaknesses to beat them in the field. Compensation data of an organization contains the information about:
Base pay and total cash compensation
Annual average cash incentives
Five-year base salary trend data
Long & short-term incentives
Executive perquisites
Reward Systems
Employment Contracts
The Company was the first organization in the country to begin compiling and publishing large-scale wage and salary compensation and benefits surveys and continues to publish the Annual Survey of Hourly-Paid Employee Compensation Survey and executive compensation surveys in Ontario and the Annual Survey of Salaried Employees
Article Source:
eArticlesOnline.com