Needs Improvement
Your program has some of the necessary elements for a successful compensation program. However, there are many areas for improvement that would help make your program more effective.
We have some ideas on how you can strengthen your compensation program. Curious? Read on.
What Could You Do Next?
Working with labor market information can be challenging, but more so in developing markets. Did you know that not all salary surveys are the same? You need a survey provider that understands the unique needs and conditions of developing markets, using a simple, consistent, and flexible methodology despite the many compensation nuances and ever-changing landscape.
In addition, organizations should regularly review salaries. At Birches Group, we recommend doing so every year for two main reasons:
- Your salaries should be able to adapt to internal factors in the organization, such as changing operational realities in terms of budgets and resources and changing or evolving team structures.
- Your salaries should also be able to adapt to external factors. Labor markets, particularly in developing countries, are very dynamic. Salaries should be reviewed to ensure these are aligned to the organization’s target market position and can adapt to changing market trends.
Birches Group’s survey methodology is specifically designed for developing markets. We publish updated survey data three times a year—every April, July, and October—guaranteeing our participants the most up-to-date data possible.
Why Incumbent Data in Salary Surveys is Misleading
Curious to learn more?
Employers have always used salary survey data based on incumbent salaries when reviewing compensation. But incumbent data is personal, not job-based. It’s time we reject conventional wisdom and use a job-based approach. Birches Group has the perfect solution for you.
Send Us a Message
We Have Salary Surveys in Over 150 Countries!
We offer the widest salary survey coverage in the world using a methodology that’s up-to-date and specially designed for developing markets. Book a strategy call to see a sample report or learn about our survey options.
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