Compensation Market Trends
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1 Industry Study Compensation Market Trends Dan Cox and Joseph Amster Sponsored by:
2 Contents 1.0 Executive Summary 2.0 Compensation Market Analysis 3.0 Survey Participation 3.1 What type of compensation surveys do you participate in? 4.0 What Companies Analyze 4.1 What compensation data do you analyze from the surveys? 4.2 What is your ideal number of survey sources/matches for a particular job? 5.0 Market Pricing Tools 5.1 What type of software do you use to manage compensation survey data? 5.2 The solution used at my organization does not provide the needed functionality 6.0 Conclusion 7.0 About the Authors 8.0 About Cox elearning Consultants 8.1 About Stewart Daly 2010 Cox elearning Consultants, LLC
3 Executive Summary With the increasing need for accurate information on HR trends, job market surveys are more vital than ever. As a result, it is critical for companies to better understand the availability of survey data, and the most valuable way to analyze that data. In this whitepaper, Cox elearning Consultants reports on the participation of companies in compensation market surveys, and how companies utilize the information gathered with technology. In this report we will include the following: A breakdown of the types of industries responding to the survey Types of compensation surveys companies participate in What compensation data they analyze The ideal number of survey sources/matches for a particular job The increasing importance of elements like non-cash benefits The solution used that does not provide the needed functionality In addition, we will discuss the growth of Software-as-a-Service solutions that manage market pricing data. It is clear that while companies are increasing their level of analysis through greater tool functionality, they must also achieve a positive return on investment for such analysis. As we will see, web-based software solutions can provide an effective alternative to other more traditional tools Cox elearning Consultants, LLC - 3 -
4 Compensation Market Analysis In February 2010, Cox elearning Consultants surveyed Human Resource and Compensation professionals in order to better understand the depth of their participation in market surveys, and the tools that they use to analyze the resulting market data. The survey was completed during a time when many believed we were at the beginning of broad economic recovery. As the economy heals and job growth is revitalized, organizations will focus on retaining employees in positions that are difficult to fill, as well as keeping their top performers. As organizations become more interested in analyzing how employees are compensated relative to their peer groups, we anticipate an increase in the demand for accurate market data. The purpose of this report is to provide HR professionals with information on how organizations are using market surveys, as well as to analyze productivity gains in companies currently investing in market pricing software. Responses: 181 Industry Profile: 14.3% Manufacturing 9.9% Banking and Finance 8.2% Technology 7.7% Healthcare 6.0% Insurance 5.5% Government 48.4% Other 2010 Cox elearning Consultants, LLC - 4 -
5 Survey Participation The first question in the survey asked, What type of compensation surveys do you participate in? As shown in the chart below (Figure 1), the majority of respondents (82.7%) participated in industry specific surveys, while more than half (57.7%) took part in regional surveys. Not surprisingly, this response rate shows that companies still benchmark their jobs against industry peers and local competitors for top talent. Figure 1: What type of compensation surveys do you participate in? Answer 0% 100% Number of Response(s) Response Ratio Industry specific % Region specific % Job specific % Employee size specific % General % Other % Totals % A key finding of the survey was the significant correlation between company size and the number of survey providers with whom they partner, as well as the specific types of surveys in which they participate. Nearly three-quarters (71.4%) of companies under 500 employees work with less than three survey companies, and 87.8% participate in five or less surveys. This result is due in part to the regional limitations, and narrower scope of positions in smaller companies. It also speaks to the minimal resources available to smaller companies with which they can participate in surveys, and analyze the accompanying results. Organizations with over 5,000 employees have both the motivation and resources to partner with more survey companies. More than half (54.8%) work with six or more survey providers, and 56.5% participate in six or more surveys. For these companies, it is critical to analyze their position in the market against competitors in their industry Cox elearning Consultants, LLC - 5 -
6 What Companies Analyze We asked those surveyed about which pay elements they analyze. Not surprisingly, both target and actual payouts for short term incentives combined with base pay were considered by a majority of our respondents. (Figure 2) However, it was interesting to note that 27.9% of companies are benchmarking against non-cash benefits this rate will likely increase due the regulatory, economic, and political changes regarding the allocation of equity and cash awards. Almost five years after the implementation of FAS123R, firms are increasingly interested in non-equity alternatives to reward top performers and protect their bottom line. This shift, combined with struggling corporate balance sheets following the global recession, is increasing the focus on noncash rewards. Non-cash rewards (such as gym memberships, tuition assistance programs, voluntary benefits, etc.) are widely believed to contribute to employee engagement as much as, or more than, cash awards. Figure 2: What compensation data do you analyze from the surveys? Answer Number of Response 0% 100% Response(s) Ratio Base pay % Short term incentives and total cash compensation Long term incentives (e.g. stock payments) and total direct compensation Target incentives and TCC (total cash compensation) % % % Non cash benefits % Other 15 Totals % We were surprised to note that upon analyzing survey sources for a specific job, the majority of respondents believed exactly three sources were ideal. Figure 3: What is your ideal number of survey sources/matches for a particular job? 2 Sources 3 Sources 4 Sources 5 Sources Other 56.7% 7.9% 7.9% 2.8% 24.7% 2010 Cox elearning Consultants, LLC - 6 -
7 Market Pricing Tools The amount of data analyzed as part of the market pricing process can be significant. To increase the efficiency of analysis, some companies have purchased market pricing software either from the survey provider or a third party source. The majority of the relevant software available is sold as a Software-as-a-Service (SaaS) offering delivered to the user via a web browser. We sought to obtain a sense of the prevalence of the SaaS solutions (defined as web software in our survey) implemented at organizations as compared to other software tools, such as spreadsheets. As seen in Figure 4, larger companies are more likely to use web-based software. Nearly half (42%) of companies between 1,000 and 10,000 employees, and 35.8% of companies totaling more than 10,000 employees use market pricing web-based solutions. Companies with less than 1,000 employees have implemented web software far less often (28.52%). We believe this difference results from the relative scope and scale of the data analyzed by larger companies, as mentioned earlier. Figure 4: What type of software do you use to manage compensation survey data? Percentage of Respondents 80.00% 70.00% 60.00% 50.00% 40.00% 40.00% 30.00% 20.00% 10.00% 0.00% Less than 1,000 1,000-10,000 More than 10,000 Number of Employees Spreadsheets Desktop Software Web Software Home Grown Software None Our data found that companies using spreadsheets as part of their market pricing process spend approximately 22% more time completing their analysis. As a result, it is very surprising that a significant number of companies still use spreadsheets following a webbased software implementation. This situation speaks to the importance of selecting market pricing software that meets a large majority of business needs, and eliminates the requirement to maintain expensive spreadsheet solutions. The latest version of Market Analyzer from Stewart Daly, Inc. ( that is expected to be released this May has the full set of components that promises to keep corporate compensation analysis free from the restrictions of other solutions such as spreadsheets Cox elearning Consultants, LLC - 7 -
8 Market pricing web software implementations appear to have been successful, as companies are increasing their level of analysis through greater tool functionality. As shown in Figure 5, respondents that did implement web-based market pricing software achieved the additional functionality required for the analysis. Figure 5: The solution used at my organization does not provide the needed functionality 100% Percentage of Respondents 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Web software not implemented Web software implemented Strongly Agree Somewhat Agree Neutral Somewhat Disagree Strongly Disagree Market Pricing Tool Used If there is a clear advantage to using market pricing web-based software over other types of analyses, why have the majority of companies not implemented these systems? Our survey finds that the majority of respondents cited Achieving Positive Return on Investment (ROI), or listed budgetary constraints as the primary challenge. However, the cost for implementing web-based software is relatively low compared to other HR software modules. From our analysis, by implementing web-based software solutions a company can shift more of the administrative burden from compensation teams to other valueadded HR activities. Therefore, the key is to identify and articulate the more strategic level at which a company needs to resource compensation programs Cox elearning Consultants, LLC - 8 -
9 Conclusion While both large and small companies recognize the importance of compensation marketing surveys, the financial resources available play a key role in how effectively they can be used. The information gleaned from these surveys can assist companies in determining not only salary rates, but also other forms of compensation that will make them competitive in the marketplace. In addition, although the use of market pricing software is prevalent, many companies still utilize spreadsheets for data analysis despite being less efficient. This surprising trend is one that does not reflect the importance of financial efficiency and effectiveness. We expect that the technique of pricing jobs with external market data will continue long-term as organizations focus on creating attractive compensation programs to compete for the global talent pool. As a result, we hope this information increases your understanding of the methods that your peer companies use to analyze this important data. Knowing which possibilities are available and most effective will help you make better decisions as you plan your own market analysis Cox elearning Consultants, LLC - 9 -
10 About The Authors Dan Cox President Cox elearning Consultants, LLC Dan Cox is founder and CEO of Cox elearning Consultants, LLC, the leading marketing consulting firm in the industries of corporate training, elearning and HR technologies. His experience as an entrepreneur and education business owner gives Dan operations and financial skills in profitable business management, business strategy, industry analysis and competitive research. Dan speaks and consults in areas like financial management and funding of training and HR initiatives, successful business and operational methodologies, industry trends, strategy, internal and external marketing of education solutions, and recruitment and management of personnel. Joseph Amster Marketing Consultant & Project Manager Cox elearning Consultants, LLC Joseph is a long-time editor, journalist, photographer, and reporter with over 20 years experience in the field. In addition, he has performed marketing and public relations for numerous non-profit organizations. Joseph s writing background, as well as graphic design experience, brings a unique skill set to the table Cox elearning Consultants, LLC
11 About Cox elearning Consultants Cox elearning Consultants, LLC, is a leading marketing consulting firm in the industries of corporate training, elearning and HR technologies. Its industry advisory, consulting and marketing services transform organization educational performance MacGregor Common, Livermore, CA (925) Phone (866) Fax About Stewart Daly Stewart Daly compensation software provides organizations with innovative and flexible solutions that build confidence in their pay programs. CompACT is a powerful compensation software application that strengthens the link between pay and performance by guiding managers through salary, bonus, and stock allocation decisions Market Analyzer streamlines and automates the critical process of evaluating internal positions to the market through a flexible and intuitive user interface Cox elearning Consultants, LLC
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