Salary Surveys

Zanne

Do you all use salary surveys to benchmark your jobs? Or do you use a consultant to do all that work for you?

If so - what surveys are your favorites? I'm in banking and not finding a great multitude of surveys out there.

Thanks

Zanne

gillian2

I've used both over the years. The problem with the national surveys is that you have to trust that the data properly respresents local wages. I have always preferred the surveys that are local - perhaps you have an employers association - or to do my own survey, either by myself (rarely) or by using a consultant. I don't have a clue about banking so can't help with that.

Pork

Zanne: I would recommend you contact the National Association of Banking and the personnel/payroll issues committees of that Association. Ask your Banking President or CEO about the associations with whom your organization would be a member. Locally, you best source of information is your own HR/Personnel society or association. Once you get enrolled as a member representative and establish some solid networks within the association you can usually gather an interest to generate and build a wage, salary, and benefits survey information which is most meaningful for your purposes of knowing how your salary/wages/benefits stack up with the local competition. In our state there is an Economic Development organization with local members within each county. This organization gathers the information for all county employers who wish to join the survey and provides finished copy of the wage, salary, and benefits for the county, region, and state. I have found the county and region to be of most use to me in the develoment of our wage and hour structure. Our base business is Swine Farming but many of my positions = the same positions as others. The average of all wages and salaries within the Region and local recruiting market is where I tend to concentrate the setting of compensation rates.

In our industry of Swine Farming there is a great difference in the amount of wages and salaries earned by the Northern "Herdsmen"; therefore, I really can not use the industry standards. it is the local demands for compensation and benefits that are important to our needs.

I hope this helps, Good luck with your shopping for BANKING DATA!

Pork

mbeam

Also check with local Chamber of Commerce's in your area on purchasing salary surveys.

MS HR

also check with your local employment security office. often they will have current rates in your business.

Zanne

I appreciate your suggestions. Some of them I already use - but was hoping for a new wheel I wouldn't have to invent. (And you all helped!)

Hope you have a great day!

hrbanker

Zanne, I like Americas Community Bankers compensation survey. It lists just about every position you could come up with in banking, and breaks the data down into asset size, geographical location, and even if the company is stock or mutual ownership, which makes a difference in the highly comps salaries. As another source, try your state banking association.
It's also good to compare what the local retail stores are paying. They are our chief competition for entry level help. I hate spending time and energy to train a teller and have them go to the local XMart because they can get $.25 more per hour.

Cheryl S SPHR

I am in banking as well. We get a salary survey that is data from banks in our state only. It is very helpful. You might check with your state bankers association to see if they are aware of one for your state. We do have to purchase it, but it is well worth it. I also use free data from our state's Department of Labor, Labor Market Information Center. They publish a yearly salary survey.

Hope this helps -- good luck.

Cheryl

Nick Ogden

Department of Labor is a good source; however, keep in mind that it is usually 1-2 old and needs a % adjustment. You can focus the information for a particular part of a specific state. Site: http://www.(state).gov/esd/lmea/oeswage
Hope it helps.