1st Quarter Compensation Surveys Are in Progress – Can You Afford Not to Participate?
It’s that time of year again! Greater Rochester Chamber conducts several compensation benchmarking surveys starting in January each year. The 2024 National Executive Compensation Survey and the 2024 Annual Wage & Salary Surveys are now in progress. Chamber members at the Corporate and Partner tiers are eligible to participate as a benefit of membership. It does take a time investment depending on preparations done in advance but in the end, it's worth it. Below are some reasons to participate:
FREE DATA - This is usually the biggest reason for participating in salary surveys. Chamber members that participate receive complimentary results for those surveys they participate in. For those unable to participate, the surveys can be purchased. The nonparticipant Corporate/Partner member cost depends on the survey - $245 for the local wage surveys and $325 for the national executive compensation survey. Nonmembers are not eligible to participate but can purchase any of the surveys. Though nonmembers pay the highest cost at $500 for the local wage surveys and $695 for the national executive compensation survey. So there is not only a benefit to participating, but also to being a member.
EFFICIENCY — By participating, you have your jobs matched to the survey jobs. That will come in handy as you review the results, market price jobs and participate in future surveys.
EXPERIENCE — Going through the survey participation process helps to identify data anomalies, to understand your employee populations, and how to optimize your benchmarking strategy like no other activity can. And is a good exercise each year as the NYS exempt salary thresholds continue to change and the federal DOL queues up a possible change of their own for the FLSA exempt salary thresholds.
Participating in annual compensation and benefits surveys seems like a given for many companies. It’s just part of the annual compensation planning calendar with time set aside each year to take on the task. For others, participation is on an every-other-year schedule, while others just buy data off the shelf.
Whether you are a repeat survey participant or considering your first endeavor, the top reasons to participate in salary surveys continue to hold true. As is true in most areas of today’s business climate, things are just different now. The stakes are even higher and the war for talent rages on. Arm yourselves with the tools you need to get great employees in the door and keep them there! The various Greater Rochester Chamber compensation and benefits surveys can help ensure your business is prepared to adjust to current conditions.
Allocate time and money wisely for future returns on your investment because:
- The benefits of repeat participation span from creating internal efficiencies in Human Resources, to developing a better depth of understanding in data trends, to better anticipate how changes you make will affect compensation.
- Considering the large percentage of company expenditures that goes to compensation, the cost of participating in compensation surveys is quite small. The cost of getting it wrong could be significant.
Greater Rochester Chamber’s HR Services department and its predecessors have been conducting the annual wage & salary surveys since 1919. As such, we have many tips and tricks to help simplify the process and save your valuable time. Reach out and learn how we can help!
Start the new year right and take an active role in determining the future of your workforce! If your company hasn’t yet signed up to participate in our 1st quarter benchmarking surveys, please contact Kathy Richmond or Jennifer Suppé and we’ll get you added to the list and send you the link/spreadsheet to participate. Click here to view a survey calendar for future planning.
Planning to participate but need data now? To order one or more surveys, please print and complete the order form here, and return. If you’re not sure of your membership level, please contact us to confirm. In addition, Corporate and Partner members can schedule a time with us to come in and review the local surveys (both Corporate and Partner) and national surveys (Partner members only).