Sunday, September 28, 2008

3 Ways to be Sure Your Company's Salaries are Competitive

Enlightened business owners and CEOs realize that competitive salaries are one of the key factors in recruiting and retaining the best available employees. There are, of course, others -- particularly among Gen X and Gen Y employees -- that need attention, as well.

On the subject of salaries, how might one know what competitors are paying for comparable work? Of course, some of us are part of industries on which salary data is available through trade associations. For those not part of such a group, once again, I think this Internet thing is going to catch on!
The founder of the real estate site has co-founded a self-reporting site for salaries and compensation. Have a look at: This is a "work in progress" site that's beginning to get traction among workers. Its obvious pitfalls are at least twofold -- that the information is self-reported, and perhaps skewed as a result, and that those reporting are self-selected, not part of a statistically valid sample. I'm no statistician, and my layman's presumption is that some of those issues will work themselves out as the site accrues more users and a larger sample set. What I like about it is the straightforward reporting format and ease of comparing your own company to those represented in the survey.
Two additional salary survey sites you might find of interest are:
If you find these or any other sources of competitive salary information useful, please click on "Comments" below and let others know.
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Terry Weaver

Chief Executive Boards International

Chief Executive Boards International: Freedom for business owners & CEOs -- Less Work, More Money, More Freedom to enjoy it

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