AgCareers.com Compensation Strategies Webinar Highlights Importance of Market Surveys
November 04, 2011
AgCareers.com hosted “The Value of Market Pricing and How to Do It: Using Market Surveys” webinar on Wednesday, November 2, 2011. Beverly Dance, MBA, CCP, SPHR-CA, CEBS, Principal of Dance Associates, shared the benefits of using compensation survey tools and addressed other challenges HR professionals face.
Dance noted that the ideal compensation plan in internally equitable and externally competitive. Market surveys help companies determine where they stand compared to competitors. “If your company isn’t using compensation market surveys, you’re typically underpaying 25 percent of your employees and overpaying 25 percent,” shared Dance.
It was recommended that companies utilize a minimum of three compensation surveys, with at least one being industry specific and one local. When using surveys, Dance suggested that employers be wary of comparing job titles, and instead compare key responsibilities.
The AgCareers.com Compensation Benchmark Review™ (CBR) was used as one example of an agribusiness industry specific survey. For more information on the CBR, contact firstname.lastname@example.org or visit the Suite of Products page on the AgCareers.com website.