Comp Conversations: How to Make the Five Levels of Compensation Sources Work for You

Trica Mulkeen, VP of Survey Operations at Salary.com, hosts this week’s Comp Conversation webcast, How to Make the Five Levels of Compensation Sources Work for You.

3 Key Takeaways

1. What are the 5 different types of compensation data?
2. What is the benefit of using multiple types of compensation data?
3. What are the pros and cons of each type of data?

The Importance of Multiple Data Sources

Tricia opens by discussing the importance of using multiple data points when analyzing compensation. Doing so ensures fairness among employees, external competitiveness, customization of data options, and risk mitigation. Overall, having multiple sources of compensation data is crucial for creating a fair, competitive, and effective compensation program that aligns with an organization's business objectives and supports its talent management strategy.

Five Levels of Quality Compensation Data

Compensation data is critical to understanding the labor market, attracting and retaining employees, and setting fair pay. However, Tricia explains that not all compensation data is created equal, each source has strengths and weaknesses, and relying on one data source can prove ineffective.

Watch this 20-minute webcast to learn more about the strengths and weaknesses of each type of data source.