Fair employee compensation is a top concern for every employer. Employers want to provide fair benefits and competitive salaries to keep their employees satisfied, and reduce turnover rates, as these factors have a direct impact on the productivity and commitment of employees to the organization. Moreover, an effective compensation strategy motivates current employees and is used as a tool to attract new talent.
To design an effective benefit and compensation plan, it is crucial for employers to know the current trends in the market. They need to conduct a salary survey which can give them reliable insight and updated information to benchmark against if they are paying right amount to right position. Here are some more reasons why businesses need a salary survey.
1) Protecting Financial Stability
Companies spend large amount of gross revenues on employee salaries and benefits. While a competitive salary can really go a long way and distinguish a company form others, over-compensation may harm the company’s long-term financial goals, especially when salary figures are not informed decisions in regards to the standard pay in the market. On the other hand, if they offer a lower price than the standard range in the market, it will lead to increase the cost of turnover. By utilizing a reliable and updated salary survey, employers can set the fair and effective benefit and compensation plan as well as save financial stability of their businesses.
2) Improving Productivity and Engagement
According to the Workplace Happiness Survey by JobNet.com.mm in 2018, the workplace unsatisfactory of an employee is proportional to his or her salary offered by their companies. If a company uses salary survey as a reference to benchmark and set its decent and fair salary structure before hiring a talent, they can make sure that they can offer and pay the right amount to the right position. It can make employees satisfied their work more which has an impact on productivity of employees and revenue of their companies.
3) Attracting and Retaining Talents
Throughout the times, how much a company offers to its people in different levels is one of the priorities that every talent looks for. If a pay scale of an organization looks competitive and fair in the market by preventing overspending, it will help in retaining current employees and attracting potential talents.
Designing an effective benefit and compensation strategy is also one the key challenges for people in HR industry of Myanmar. As a leading online recruitment platform in Myanmar, JobNet launched the first online, real-time Myanmar salary survey in 2019, with over 100 foreign and local companies from different industries and in different sizes participating. Unlike other annual or quarterly salary surveys, JobNet online salary survey showed the nationwide data in real-time as it is an online salary survey. Moreover, it is always reviewed by a professional team to keep it updated, valid and reliable.
JobNet salary survey supports business to strategically determine various pay levels based on the market rate for the type of job performed, responsibilities, experience and other components. By doing this, an organization is able to set its salary structure company-wide which can help and decide how many and what types of employees can be hired at different positions. It also helps to understand the different roles hired by industry, company size (corporate or SME) and nature of company (local and international).
To find out how these great technologies could work for your business, reach out to sales@jobnet.com.mm or 09-9544591 (77-79) now.
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