Wage and Salary Survey

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Wage and Salary Survey Student’s Name Institutional Affiliation Wage and Salary Survey Describe the basic steps in conducting a wage and salary survey. A wage and salary survey is an analysis carried out on workers regarding wages to ascertain whether their pay is fair or not. Similarly, this is a practice which companies undertake to establish the prevailing wages per different job titles in a given industry. Carrying out a wage and salary survey enables a company or a business to ascertain competitive wages and to develop an appropriate pay increase to existing and newly hired employees. The following are basic steps for conducting this practice: The initial step is to choose the jobs and ascertain its average salaries as well as wages. The second step involves carrying out a comparative analysis which helps to ascertain prevailing salaries and wages in a given industry for similar jobs. For the company to come up with an appropriate structure, it should consider opinions from different employees and vendors. Prevailing laws on wages should be appraised for effective salary and wage analysis. When the survey is completed, it becomes easy to build a compensational structure. What are the key factors to consider? Some factors must be considered when conducting a wage and salary survey and also the way it is administered. This is because it can significantly influence the productivity of workers and the performance of an organization as a whole. These factors can be classified as either internal or external. Internal factors are things like job worth, workers compensational policy, employee performance, and employer’s capability to pay. External

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