2024 Salary Survey!
Our 2024 Salary Survey Questionnaire is out this week!
Keep an eye on your emails, we would love if you could take the time to complete our survey as your feedback will play a vital part in the final report! (Plus you’ll be in with a chance to win a £50 Amazon voucher just for giving us 5 minutes of your time)
What is an annual Salary Survey and why are they important?
Salary Surveys help attract new talent and retain employees. These are typically conducted by location and industry! When properly designed and used, they can provide benchmarks against which salaries and benefits can be compared. They give both employers, employee’s and prospective employees a great insight into the industry and the current trends within different sectors!
Types of data collected in a salary survey:
Salary surveys collect quantifiable data such as:
- Base salary
- Salary increases
- Salary ranges
- Starting salary
- Incentives/Bonuses
- Assignments
- Work hours
In addition, a salary survey may include non-quantifiable aspects such as:
- Educational requirements
- Geographic location
- Hiring Sources
- Working conditions
- Characteristics of a salary survey
Importance of a Salary Survey:
One common way to learn what other companies pay for particular positions or job categories is to conduct a salary survey. In order to determine market pay and benefit rates, studies are frequently carried out, especially by big businesses.
These studies not only identify the low, medium, and high salary ranges offered for a certain employment, but they also identify the salary ranges of other firms; both local and national; ensuring you can benchmark your expectations better.
Companies might choose to perform their own employee surveys or buy the findings of polls carried out by different companies that specialize in gathering, evaluating, and sharing salary data.
This kind of information is extremely delicate and can change rapidly. For this reason, it is important to conduct this kind of survey on a regular basis.
When properly designed and used, salary surveys can provide useful information for comparing salaries and benefits. They do however need to be taken in context; some will say that they may err on the side of an employer to downplay salaries, where others will say that they can inflate salaries.
Annually, here at RK Accountancy, we do conduct an annual Salary Survey taking into consideration information provided by both our candidates and customers, as well as taking into consideration information from industry sources and job board sources.
Our findings from our Survey will be published in early 2024!
Don’t delay today, if you’re received your link already we would love you to complete it, if you’ve not yet received a link and would like one, comment below and we will arrange for a link to be sent!