Using published salary survey data from sources like ERI, WTW, Mercer, AON Radford, Culpepper, Payfactors, CompAnalyst, Western Management Group, Croner, Pearl Meyer, Empsight, etc. is the norm.

And because of pay transparency and pay equity laws we also have job posting pay range data from sources like Squirrel and WageScape. Or you can manually track what your competitors for talent are sharing in their job postings.

Some employers have their talent acquisition team keep track of what candidate pay expectations are by open job title and then use that as a reference.

And most of us want employer reported data and not employee self-reported data in our compensation data source.

And none of these data sources are perfect.

QUESTION: What is the BEST data source to purchase to ensure you are delivering a competitive salary and incentives to your employees for the work they perform?

ANSWER: The compensation data source that works. The one that allows you to attract and retain the people you need to meet your goals.

The right level of compensation is only the start. You also must have the right interactions between people that create a healthy workplace culture.

Those micro moments of interaction are where you can destroy the ability of your team to deliver the needed results or where you inspire and build your team’s commitment and focus on the right priorities.

Yes, we need to get compensation right.

And then work on the relationships and interactions of your people with each other. That is the true test of whether your business will be a success or failure.

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