Answer to Question #159216 in Management for muhammad taqi

Question

Why organizations use the Salary Surveys? Give Examples to elaborate your answer. (10 Marks- word limit 250 to 350)    

Answer 1

The most important assets that organisations have at their disposal is employees. Organisations therefore recognise the need to provide employees with a good experience, limit turnover rates and attract top talent into their organisations though fair compensation and other important perks. The salary survey tool comes in handy for organisations that seek to provide their employees with competitive salaries and benefit packages. There are many reasons which make salary survey a great tool that organisation, particularly the hr department a must have.  

One of the main reasons is that salary survey tools help in ensuring that employees are well paid. One of the main reasons why employees leave companies is because they are not paid well. When they get better opportunities which promise more salaries, bonuses and perks, they walk out of their places of work. With a survey tool hr manager can be able to see how much their competitors re paying and try to match that to keep their employees. 

The second reason as to why organisations use salary surveys is because they can easily get data whenever they need it. Companies which are in growth mode need to be able to bring the right talent on board so as to accomplish their tasks as needed. When hr finds a skill that they need, being able to give them a fair salary as an offer is a great way to attract them into the organisation. Furthermore, having regular survey reports will give hr managers the most up-to-date data to use in their hiring decisions.