Comparison of Career Salaries Worldwide
Salary surveys are a useful tool for companies to compare their own compensation structures with those of worldwide competitors. Among the types of entities that submit and use such surveys are consulting firms, industry associations, universities and government agencies.
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Features
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A worldwide compensation comparison should include basic categories such as industry, position, salary ranges, benefits, company size and nation. It might be broken down further by region, state and/or city.
Considerations
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Several factors should be considered when selecting a worldwide salary survey, including the background of the research firm, the number of survey participants, the relevance of the positions being considered and the timeliness of the survey.
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Significance
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A salary comparison can help companies determine whether they will be competitive in the job market. This is important when considering how to recruit and retain employees. For employees, knowing how salaries compare can help in negotiating pay for new jobs or raises in existing positions.
Time Frame
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Typically, standardized career salary comparisons are done on a semi-annual, annual or biannual basis. For more current information, compensation consultants will do customized comparisons for a fee.
Warning
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For multinational companies, comparisons of career salaries worldwide might be beneficial and even necessary. But for most companies, a more useful salary comparison would be by nation, region or state.
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