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What are salary reports?
A salary report is nothing more than a survey that collects and analyzes data on salaries and non-salary benefits. The report usually contains information on the amount of
salaries for specific positions in a particular area or industry. The purpose of the survey is to help employers and employees identify trends and understand
what the expectations or financial offerings of candidates and companies are in different industries.
With salary reports, employers can better understand what salary terms are being offered by competing companies and adjust their salary offerings to attract and retain the best employees. Employees, on the other hand, can use salary reports to negotiate terms and conditions of employment and to assess their position in the labor market.
Salary reports are a valuable source of information for employers, employees or applicants for employment. From such studies it is possible to find out what trends are currently prevailing in the salary market. These reports are compiled by employment agencies, consulting firms or industry organizations.
Where do you get the data for salary reports?
Data for the report can come from a variety of sources. The most authoritative and reflective actual situation on the salary market are salary data received directly from employers. The second are those created on the basis of information collected during recruitment processes however, they often report on the expectations rather than the actual earnings of job candidates.
A typical survey consists of three main stages: collection, statistical processing and processing the data.
– Do you want to know how competitive are the salaries offered by your organization?
– Do you want to know what your direct competitors offer?
– Would you like to know what to offer to be the employer of choice for candidates?
Who develops salary reports?
Salary reports are usually compiled by consulting firms, labor agencies, industry organizations or government agencies. Consulting firms specializing in labor market and salary analysis usually have a team of experts dedicated to collecting and analyzing salary data in various sectors and industries. Based on the collected data, the experts prepare salary reports.
Industry organizations also may prepare salary reports that cover specific industries or sectors. In this case, data is collected by industry organizations from various sources, such as surveys, databases or public data, and is then analyzed and compiled into a report.
If you are looking for reliable data to support your business plans, write to us and let’s talk about how the Tap.Talent team can help your organization.