What should you pay that new employee? Stop guessing–and start using these great sources of up-to-date salary information:
Salary.com is technically directed at job seekers, showing users how much they are worth based on their experience and skills, but employers can use the same criteria to develop competitive compensation packages.
The Monster Salary Center is powered by Salary.com, therefore it offers similar functionality. Monster’s version also comes with a paid option that gives employers access to more robust data, providing a more accurate final calculation.
SalaryExpert.com offers free salary reports for job seekers as well as employers who are looking to set compensation structures.
Cbsalary.com is CareerBuilder’s free salary calculator that is equally beneficial for employers and job seekers. The calculator is powered by Salary Expert, and provides the same functionality.
Bureau of Labor Statistics Occupational Employment, this survey by the BLS provides data on occupational wages from localities, broad geographic regions, and the nation. The BLS is fairly accurate, but can be slightly behind the times.
Getting involved in local professional groups will help you keep your finger on the pulse of compensation and hiring trends in your industry and your geographic locale.
Payscale.com is a popular cloud-based service that gives employers real-time access to compensation data based on job title, skills, education, geography, and responsibility.
Indeed salary calculations are aggregated from postings on the site, which allows them to provide accurate data based upon job title and geography. Figures, however, omit educational and skill-based data.
Compdata administers one of the largest compensation databases in the country. They collect pay and benefits information from thousands of U.S. companies, providing robust comparative information.
BLR (Compensation.BLR.com) provides national and state-specific compensation data. There are paid options available, but the free trial version should always be an employer’s first stop with BLR’s compensation database.
The Riley Guide provides salary and compensation information. The site is directed at job seekers, but all of the information in the guide and its individual surveys are useful for employers.
Recruiting and Staffing Firms can ensure your compensation packages are on par with the market. Employment agencies know what’s happening in your geographic area and your niche, helping you remain competitive.