Compensation Surveys and Market Pricing

Compensation plays a critical role in organizations’ ongoing efforts to attract, retain and motivate a talented workforce. Compensation program design and management play a key role in aligning employee behaviour with business objectives. Human capital costs typically represent one of the most if not the most significant component of an organization’s operating costs.

Market pricing is a practice of determining comparable market rates. It’s based on matching jobs within a talent market on the basis of similar job duties, responsibilities, scope, etc. Market pricing provides an organization with valuable information to support decisions about “how much” and “how to” pay jobs and/or individuals.

We work closely with our clients to determine the most appropriate method of collecting up to date and accurate market survey information, either through the use of available published salary survey data or by conducting a custom salary survey of targeted organizations.

We have access to published market survey data from various sources that exist within our data library.

We also develop custom market surveys that are tailored to our clients based on survey scope. The solicitation of survey participants is a critical phase of the custom survey process. HCI works with our clients to design surveys and implement invitation strategies that announce and describe the survey process with the goal of maximizing participation.

Through objective and detailed data analysis we produce results that can be relied on to make decisions around competitive compensation.