ERI s Salary Assessor Software Salary Survey Data for Compensation Planning

Size: px

Start display at page:

Download "ERI s Salary Assessor Software Salary Survey Data for Compensation Planning"

Amice Reed
6 years ago
Views:

1 ERI s Salary Assessor Software Salary Survey Data for Compensation Planning ERI Economic Research Institute th Avenue NE, Suite 100 Redmond, WA USA

SALARY SURVEY SOFTWARE ERI s Salary Assessor software provides salary survey data for over 5,200 position titles in the United States and Canada.

This salary survey database lets you make an unlimited number of individual salary reports in-house. You can personalize these reports with your organization s data.

2 SALARY SURVEY SOFTWARE ERI s Salary Assessor software provides salary survey data for over 5,200 position titles in the United States and Canada. A separate product provides European data for Austria, Belgium, Denmark, Luxembourg, the Netherlands, Portugal, and the United Kingdom. This salary survey database lets you make an unlimited number of individual salary reports in-house. You can personalize these reports with your organization s data. Here s how Select a job title by clicking on the position title bar. A dialog box will open. Type in the job title or scroll through the job title list to find it. Job Descriptions To verify that the position title selected matches the job in your organization, review the job description at the bottom of the page. Note: For more detailed job descriptions, including work characteristics, job codes, videos, and more, please see PAQ s enhanced Dictionary of Occupational Titles software at 2 Economic Research Institute

3 SALARY SURVEY SOFTWARE Organization Data Next you ll want to customize the salary data to reflect your organization. ERI s Salary Assessor software lets you input your organization s location, industry, and salary planning date by clicking on the Data That Affects Salaries tab. The Salary Assessor software lets you choose from nearly 300 metro areas in the United States and Canada. This number increases to nearly 7,000 areas worldwide when you also subscribe to ERI s Geographic Assessor software. UK/ European Union editions are also available for the Salary and Geographic Assessor software. For multi-national corporations with operations in Europe, this greatly simplifies local and expatriate salary planning. After you input your organization s specifications for location, industry, and salary planning date, you ll receive base salary, bonus, and total compensation composite survey data. To toggle between each, click on the Base Salary, Total Compensation, and Incentive tabs. 3 Economic Research Institute

SALARY SURVEY SOFTWARE Employee s Years of Experience Adjust this data for the employee s years of experience by clicking on one of the Years of Experience column. A Customize Table box will open.

4 SALARY SURVEY SOFTWARE Employee s Years of Experience Adjust this data for the employee s years of experience by clicking on one of the Years of Experience column. A Customize Table box will open. You can input values for each row, or click on the OK button to view data for all years of experience. Salary Ranges You can also adjust the salary ranges shown. The Salary Assessor data defaults to base salary rates at the 10 th percentile, survey mean (or average), and 90 th percentile. However, your organization may wish to pay consistently at a certain percentile. For example, it may wish to pay all new hires at the 40 th percentile. To find this data, click on the 10 th Percentile column header. Then select 40 th percentile from the drop-down menu. Alternatively, your organization may desire to pay individual employees at different percentiles based on their performance. For example, you may wish to pay an excellent employee with 10 years of experience a salary at the 85 th percentile. To find this salary level, click on the 90 th Percentile column header. Then select 85 th percentile from the drop-down menu. 4 Economic Research Institute

SALARY SURVEY SOFTWARE Salaries by Level ERI s Salary Assessor software also presents salary ranges for many positions via a Salaries by Level screen.

The levels are defined as follows: Level 1 Beginning Level: Applies fundamental principles and concepts of position.

5 SALARY SURVEY SOFTWARE Salaries by Level ERI s Salary Assessor software also presents salary ranges for many positions via a Salaries by Level screen. Click on this tab to view a position s salaries by distinct levels that are based on skill/responsibility instead of years of experience. The levels are defined as follows: Level 1 Beginning Level: Applies fundamental principles and concepts of position. Performs the more routine aspects and progresses to more varied and complex activities with development of additional knowledge and experience. Level 2 Intermediate Level: Continuing development level. Performs more varied and difficult aspects of position compared to Level 1. Unusual aspects generally referred to supervision. At this level the employee would have less latitude than at Level 3 in terms of decision-making and un-reviewed actions. However, this level requires considerable know-how of the subject matter, principles, and concepts of the position. Level 3 Senior Level: Competent in subject matter, principles, knowledge, and concepts; generally considered a specialist in area of assignment; able to perform full scope of activities associated with job, including the most difficult aspects. May lead or coordinate individuals assigned to assist in the work. Branch Offices For organizations planning salaries in multiple locations, the Salary Assessor software provides a Geographic List screen that displays average salaries for a single position in up to 99 locations. This screen also provides renter s cost-of-living data. It is a useful starting place for researching locations of new facilities. Note: For more detailed branch-office salary comparisons, please see ERI s Geographic Assessor software, which provides cost-of-labor and cost-of-living data for the United States, Canada, and Europe. 5 Economic Research Institute

Benchmark Jobs for Salary Structures Often an organization will establish salary structures to be based on the pay rates for a limited number of key positions.

The salaries for all other jobs in the organizations are adjusted according to their relationship to these benchmark jobs.

6 Benchmark Jobs for Salary Structures Often an organization will establish salary structures to be based on the pay rates for a limited number of key positions. Called benchmark jobs, their salaries are researched and updated regularly based on competitive labor market data. The salaries for all other jobs in the organizations are adjusted according to their relationship to these benchmark jobs. SALARY SURVEY SOFTWARE ERI s Salary Assessor offers a Benchmark List screen to streamline the creation and updating of salary structures. By clicking on this tab, you can input your organization s benchmark jobs, plus the actual salaries paid, to calculate a market index. This software will then calculate average annual salaries for these positions, plus a market index comparing your organization s pay levels to the market. This gives you compa-ratios that provide guidance on the direction your salary planning should move. For example, a market index of 80% may indicate that your organization is lagging behind the competitive labor market. -Your organization may wish to make adjustments to either your structures, salaries, or both in order to become more competitive. Storing Data Salary comparison tables are displayed and printed according to your user specifications. You can rank, sort, save, load, and write this data to printers or files. Reliability Statistics The Salary Assessor software provides reliability statistics for use of this salary data in court. To view rate of error, population, and observation data, click on View I Reliability statistics from the top menu. 6 Economic Research Institute

7 HOW TO SUBSCRIBE Software Subscriptions ERI s compensation software is available on an annual subscription basis. Software quarterly updates are released in January, April, July, and October of each annual subscription year, at no extra cost. You can update your Assessor database online, or via quarterly mailed CD-ROMs. Operating System Requirements Disk Space: 10.5MB RAM: 32MB Processor Speed: 300Mhz O/S: Windows 98, 2000, NT, ME and XP Free Demonstration Software You can download a free demo version of this software, by visiting This software demo lets you view salary data for positions that start with the letters Ca-Ch. How to Subscribe To subscribe to the full versions of ERI s Assessor Series software, place your order online at or call: North America: (800) or (425) United Kingdom: 44 (0) Subscriber Services is available from 8:00 AM - 9:00 PM (Eastern). You can also questions to: info.eri@erieri.com. ERI Economic Research Institute th Avenue NE, Suite 100 Redmond, WA USA 7 Economic Research Institute

8 WHY CHOOSE ERI? ERI Economic Research Institute is a leader in compensation survey data. Since 1987, we have published updated consensus reports of competitive wages and salaries covering the United States, Canada, and (now) the European Union. Our cost-of-living reports cover every major city in the world for relocation applications and family expenditure budget projections. What Compensation Surveys Does ERI Provide? We are primarily a pay survey compilation and extraction service that provides market analyses via our compensation survey software. Our survey library includes thousands of privately published cost-of-living and compensation surveys published around the world. Our compensation survey databases combine public and private surveys covering every industry by SIC and NAICS codes. We conduct surveys ourselves that are not already done by other research bodies. For example, we analyze Securities Exchange Commission (SEC) pay information, including proxies, 10Ks, and compensation tables covering executive compensation at public corporations. We report these data to our subscribers via our Executive Compensation Assessor software. This software provides analyses of executive compensation in for-profit and tax-exempt organizations. The tax-exempt entities edition of this compensation survey software includes Form 990 extracts since What Compensation Survey Sources Does ERI Use? In addition to collecting thousands of privately published compensation surveys, ERI also utilizes data from publicly available sources such as: trade associations, consulting firms, the IRS, and the SEC. You can view many of our survey sources by downloading a free Salary Assessor demo. Once you open this compensation survey software, click on View I Salary Surveys for a list of all surveys covering the area of interest you have specified. Assessor Series software databases are designed for professional use by the compensation and Human Resource specialists for whom we are a research outsource. We license individual users rather than companies or computers, and we offer unlimited training to all licensed subscribers. For a list of online courses that provide instruction on our compensation survey software, see the ERI Distance Learning Center at Free online tutorials and conference call training are also available to our subscribers at What is ERI s Reputation? Our subscribers have included the CIA, IRS, NSA, DCCA, UN, US and Canadian militaries, and federal/state/ provincial agencies. For example, the US Department of Interior uses ERI s Salary Assessor software to police contracts, ensure compliance, and assure that bid rates are based on rational pay expectations and the ability to attract employees. Human Resources and corporate managers from over 80% of the U.S. Fortune 500 companies rely on ERI research products to set their organizations salaries, cost-of-living allowances, and relocation bonuses. In addition, compensation consultants, forensic economists, CPAs, law firms, disability carriers, career counselors, and academic researchers utilize ERI compensation survey data and cost-of-living adjustment estimates. This is all we do publish the most current and complete summary of competitive salary and cost-of-living information in fast, secure, and portable software databases that are updated every quarter. No one else offers what we do. How Can I Try Out ERI Products? You can download free demos of our compensation survey software from ERI s website where you can also explore our Free Analyst Resources. 8 Economic Research Institute

9 ERI COMPENSATION PRODUCTS Over the past three decades, ERI Economic Research Institute has developed a catalog of salary survey and cost-of-living software that has become indispensable to our subscribers compensation planning. In addition to ERI s Salary Assessor software, ERI offers the following compensation products. ERI s Executive Compensation Software: This software reports competitive base salaries, bonuses, incentives, and total compensation for more than 400 top management position titles. You can adjust this data for your organization s geographic area, industry, size (revenue or number of employees for the non-profit sectors), and salary planning date. To do so, input the position in question (for example, Chief Financial Officer). Then input your organization s location in the United States, Canada, or the United Kingdom. Next select your industry. Then input your organization s annual revenue and the salary planning date. This executive compensation software will calculate competitive labor market levels for the executive employee based on composite results of multiple executive compensation surveys and proxy reports. Additional features let you review maximum reasonable compensation estimates and raw data for comparable companies from their actual proxies, 10-Ks, and Form 990s. ERI s Geographic Assessor Software: Using the Geographic Assessor software you can quickly make cost-of-labor comparisons based upon your organization s headquarters and branch office locations. This product is useful for determining geographic salary differentials for setting branch office salary structures, or for selecting locations for new facilities and office relocations. To do so, choose a base city and destination city. Then input a base earnings level. This software lets you compare the two locations to see how they differ in terms of average pay and ballpark cost-of-living information. For example, a company headquartered in Boston, Massachusetts would experience a lower cost of labor in Austin, Texas. For an employee group earning $44,000 per year in Boston, this software shows you that the Austin salary rate is 20% lower, and the cost of living is 30% lower. Additional features include prevailing wage data for immigration H-1B visas and U.S. Census employment data for affirmative action compliance. ERI s Relocation Assessor Software: This cost-of-living calculator lets you make unlimited inhouse cost-of-living reports for planning employee relocation allowances. This cost-of-living calculator gives you an employee s overall difference in living costs in the new location, including a break-down of costs by category: housing, taxes, health care, consumables, transportation, etc. In addition, you can review per diem rates for food and lodging for establishing temporary relocation allowances. This software also lets you compare rent vs. home-ownership scenarios, allowing you to model mortgage payments based on current interest rates. A comparison list screen lets you make cost-of-living comparisons for up to five earnings levels in up to 99 cities at one time. Researching cost-of-living allowance (COLA) amounts for multiple locations is a time-consuming process. Now you have the answers at your fingertips with ERI s Relocation Assessor cost-of-living calculator. ERI s Geographic Reference Report : In addition to our software databases, ERI publishes a softcopy Geographic Reference Report. This 300-page report provides salary, cost-of-living, and demographic data useful for salary planning, employee or office relocations, and other economic indicators. The Geographic Reference Report includes salaries for benchmark positions, weather, crime rate, major employers, etc., for 298 major metropolitan areas in the United States and Canada. enhanced Dictionary of Occupational Titles: ERI subscribers can also access PAQ s enhanced Dictionary of Occupational Titles, which provides job descriptions for over 20,000 position titles. This job description editor also assists with finding employment for individuals based on their skills, interests, and experience. Used for disability determinations by all major long- and short-term disability carriers, this job analysis software is a sophisticated update to the U.S. government s discontinued Dictionary of Occupational Titles. 9 Economic Research Institute

10 ERI Economic Research Institute th Avenue NE, Suite 100 Redmond, WA USA

3. Two City Comparison. 3 Comparison List 4 Immigration Analysis. 4. Why is there a sharp decline in the salary differentials for areas in the

3. Two City Comparison. 3 Comparison List 4 Immigration Analysis. 4. Why is there a sharp decline in the salary differentials for areas in the Table of Contents I Date Last Updated: 3/13/2014 Foreword 0 Part I Contents 1 Part II Introduction 1 1 Methodology/Disclaimer... - North America Edition 1 2 Methodology/Disclaimer... - UK/EU Edition 1