HR Practice For Payroll Practitioners

HR Practice for Payroll Practitioners

Remuneration surveys

This is where the market place is surveyed on what various organisations are paying their employees. It is usually carried out by external consultants and research organisations. Standard to this process is to sign up for remuneration information while also providing the data from your own organisation to be included in the overall survey.

The survey results allow management to assess how they are paying their employees in regard to the market.

It also has the advantage of helping management make decisions in regard to pay increases.

For instance:

Senior management of a large organisation that has been experiencing excessive turnover of staff enlist an external remuneration company to provide data on what the market is paying. From the data received they can see that in relation to the marketplace they pay their employees near the bottom of the range. After working out the cost to the business, senior management decide to increase the pay of employees because the cost of turnover justifies the increase.

© New Zealand Payroll Practitioners Association, Sep 2024, Ver 12

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