What is a reward survey?

A reward survey is defined as aggregations of reward information gathered from other market organizations. This type of survey usually collects comprehensive data regarding compensation, benefits, bonuses, and other forms of rewards that organizations provide to their employees.

The purpose of a reward survey is to benchmark various compensation strategies and ensure that an organization remains competitive in attracting and retaining talent. By analyzing the information from multiple organizations within the same industry or geographic area, companies can make informed decisions about their own compensation packages, ensuring they align with market standards and trends.

In contrast, detailed financial statements focus on the financial performance of an organization rather than specific compensation practices, while a report on employee satisfaction and engagement generally addresses employee morale rather than the specifics of compensation. Summaries of organizational benefits and perks provide an overview of what an organization offers but do not aggregate data from multiple organizations to analyze competitiveness in the market. Thus, the answer that identifies a reward survey as an aggregation of reward information from various organizations accurately reflects its purpose and function in the context of total compensation practices.