Wage Analysis Report

Customized Compensation Benchmarking

Man and woman with an open laptop discussing wage analysis with Positively PeopleA wage analysis report is an important tool for companies who want to ensure that they’re paying their employees competitively. However, it can be hard to know where to start, and even harder to be sure you have the right information. And this is where our Wage Analysis tool—Payscale Utility—comes in, to ensure that your employees’ salaries are on target and competitive in the marketplace. What’s more, the custom reports are prepared specifically for the job description, location, size of the company, and compensable factors. Whether you’re looking for a basic salary range comparison or a more detailed breakdown of total cash compensation including bonus information, we can deliver. Reach out today to learn more about how Positively People can help you with compensation comparisons or a competitive market check.

Most Accurate Compensation Data Available

Payscale Utility is a market leader in wage analysis software. The tool has been used by thousands of companies to manage their wage data and understand how they compare to their competitors. The benefit of this software is clear – it enables you to benchmark your salary data against other employers on the market and get an accurate picture of what your staff is earning. This will help you to attract and retain the best talent, as well as manage pay budgets and employee expectations. The Payscale Utility provides:
  • Real-time access to salary data from millions of employee-submitted profiles.
  • Comprehensive search capabilities based on job title, industry, and location.
  • Easy comparison between employees, departments/locations/companies so you can see where there are gaps or opportunities for improvement.
  • Detailed breakdowns to allow you to make informed decisions about recruitment plans, promotions, and pay increases.

Leverage Your Data to Gain Competitive Advantage

The Wage analysis report can help you find out how competitive your pay structure is in comparison with similar companies in your industry and location. It allows you to see how much you’re paying for each employee per year and get a breakdown of their yearly salary by month and week. You’ll also be able to identify which positions are growing and declining in terms of demand within your organization. We recommend using this report to:
  • Find out if your employees are being paid fairly in the market for their job type, skill set, and experience level.
  • Compare salaries within your organization to other companies of similar size and structure.
  • Identify where you may be losing money by paying too much for certain job positions or types of workers (e.g., remote workers).
  • Be able to justify higher salaries for your best employees when negotiating with them.

Why Should You Do a Compensation Analysis?

A compensation analysis is valuable for any organization. It can help you identify potential problems in your compensation structure and make changes that will benefit both your employees and your business. Here are some of the benefits.

Identify Outliers

Identify employees who may be underpaid or overpaid relative to similar positions at other companies or industries in which you compete for talent. You can easily see which positions are most competitive with other employers, allowing you to adjust salaries accordingly. It can also help you spot employees whose salaries may not reflect their performance and contributions to an organization.

Benchmarking

See how your company stacks up against other similar organizations in terms of pay levels for specific job titles within different regions. This comparison will help identify any areas where your wages are especially high or low relative to others in your industry.

Compensation Planning

Use information from the Wage Analysis report as part of your annual planning process when making decisions related to salaries or wages. Also, determine if your compensation plan is competitive in today’s market. You will be able to make informed decisions about future changes in pay rates for individual employees or across all employees within an organization.

Hiring & Recruiting

Determine what an employee should be paid based on their job description (education level and experience) and their industry/location. Find out what others are paying for similar roles, and set your salary range accordingly.

Employee Retention

Knowing what other organizations are paying for similar positions can help your organizations keep top talent from leaving for greener pastures. This will reduce turnover and increase productivity by keeping the current employees happy at work!

The Right Pay for the Right Talent

At Positively People, we know that one of the most important things you can do to ensure your employees are happy and productive is to offer competitive compensation. We are proud to be able to offer our clients this valuable resource in addition to our consulting services. We believe that our Wage Analysis report will be a useful tool for you, helping you to make more informed decisions about hiring employees and setting salaries. Contact us today for more information.