Standardizing Comp Management
INDUSTRY
Commercial Real-Estate Services
SIZE
Enterprise
PRODUCTS
CompAnalyst Market Data Canada, CompAnalyst Enterprise
For the population I hire from across the U.S. and Canada, CompAnalyst® Market Data is the go-to product. At this stage, we no longer cross-check CompAnalyst® Market Data with BLS. We are fully reliant on Salary.com’s database to grow our business and execute our service delivery.
Challenge
- Previously, my team relied on various sources like the Bureau of Labor Statistics (BLS) and internal surveys for labor data. However, these sources were often outdated, and BLS data is only updated once a year.
- It was challenging to obtain accurate, current information for hourly trades like plumbers, electricians, and HVAC technicians. We relied on dozens of spreadsheets to manage and analyze our data.
- We’d create pivot tables with location, position, and title. We calculated the 20th, 50th, and 75th percentiles for each job and level so we could make market adjustments accordingly. It really was a manual process.
Solution
- Our HR department uses CompAnalyst® Enterprise to manage its annual salary planning and compensation strategy.
- Tom My team uses CompAnalyst® Market Data every week to accurately bid jobs across the country. We need access to current market data to make competitive offers.
- Today, if I need a Level 2 plumber in Oshkosh, Wisconsin, one of my employees can simply input the right information into CompAnalyst® Market Data, and within seconds, the report is in my inbox.
Result
- The labor market was turned upside down during the pandemic, inflation went up, and wages across all levels kept up with it. Making competitive offers nationwide was like hitting a moving target. Access to CompAnalyst® Market Data made the difference because it’s updated monthly.
- Folks were not too eager to take jobs at average wages. So, in some cases, we would bump pay up to the 75th percentile. This process is like an internal feedback loop because we know what to offer under similar circumstances in the future.
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