ICAP People Solutions conducts custom compensation surveys, which enable clients to obtain access to industry specific jobs that tend not to be in Standard Surveys, or they need assurance that is provided through a custom salary survey.
Custom salary surveys are tailored to meet the unique needs of sponsors and provide organizations with the information they need to measure their compensation strategy against the rest organizations of their industry /market.
Relevant and consistent compensation surveys data derived from a specialized peer group allow organizations to keep their employees engaged and motivated while attracting new talent to the fold.
How do we plan and deliver Custom salary Surveys:
- Assessing the proposed peer group in order to ensure that you gain valuable insights and proposed necessary adjustments
- Determining which positions need to be benchmarked against external current market rates and either updating existing job descriptions or crafting new one to determine the responsibilities of each role
- Drafting the appropriate survey questionnaire and agree it with so as to ensure that the required C&B data are covered
- Determining the best way of maximizing participation in the survey and finalizing a list of potential participants
- Creating and implementing a communication plan and rolling out the survey
- Following up the agreed timeline
Delivery and Report:
- Formatting, analyzing and reporting on the data collected by the surveys
- Comparing compensation data to inform recommendations
- Sponsor receives customized report with comparison of their data to market results
- Participants receive a complimentary report of the results
Survey C&B data may include elements such as:
- Base salaries
- Salary Increases per category of surveyed employees
- Increase percentages or amounts
- Allowances, benefits and related policies including eligibility investment per employee etc.
- Short- and Long-Term incentives, eligibility, on target payout, other design elements.