What are reward surveys designed to be?

Reward surveys are designed to serve as aggregations of reward information from the market. These surveys collect comprehensive compensation and benefits data from a wide range of companies within various industries, allowing organizations to benchmark their own compensation structures against the broader market. By analyzing this aggregated data, employers can gain valuable insights into competitive pay practices, ensure they offer attractive compensation packages, and effectively attract and retain talent.

The focus of reward surveys is on capturing trends and averages within the market rather than random selections of data or reflecting individual company policies. They do not measure public opinion but rather provide a factual basis for decision-making regarding total compensation strategies. Therefore, the correct understanding of reward surveys as market aggregations highlights their role in enabling organizations to stay competitive in their compensation practices.