How to Interpret Salary Survey Data | Salary Benchmarking For Beginners

[@segunakiode]

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[@gloriaaiyemomi4067]

How can one gather data to use as benchmark

[@segunakiode]

@@gloriaaiyemomi4067 you have to get the salary data via Primary source (asking the peer group to participate in the survey) or via Secondary source (survey report available for sale from consulting firms).

[@sunshine1450]

How do you present a salary survey to request pay increase in hospital setting? Should other data evaluations accompany this survey? How should we proceed?

[@segunakiode]

@@sunshine1450 you have to write a business justification for the pay increase using the salary survey report summary. Let me know if this helps?

[@azeezadeola1356]

Very educative video. Please how did you get the salary data for companies

[@ma.jardishamarcellana1511]

I'm binging your videos. Hehe. Very helpful in my current task at work. May I ask what's the survey levels?

[@segunakiode]

Glad you like them!

[@motunrayoshosanya6291]

Hi Segun, Thank you for the insightful video. If i currently run a notch based Salary Structure and i need to compare where we are with the survey. Would i be comparing with the midpoint of say a certain grade or the maximum of that grade? I look forward to your response.

[@segunakiode]

For salary benchmarking purposes - the median or 50th percentile is the basis for market comparison.

[@michealchewe4768]

Hi Segun, am currently working on salary report in a real estate industry in Zambia. I had targeted 7 leading companies in the industry but only managed to get data from 5 of them. Now am issue is on how to interpolate the data. Have gotten a few insights from your video but i still need more information.

[@segunakiode]

Hi, what other information do you require?

[@CrystalpenComedy]

Hi sir, nice video. I will like to talk to you privately

[@segunakiode]

You can book a Career Clarity Session with Segun Akiode with this link: segunakiode.com/clarity-call/

[@xmbaltazar4215]

Very helpful! I badly needed information on this topic for my MBA report. Thank you so much

[@segunakiode]

Glad it was helpful!

[@yenpham6983]

Hi Segun, your training videos are helpful, I like much. Can you share me the excel files with formular you showed in your videos?

[@segunakiode]

@Yen Pham - you can download the practice file here - segunakiode.com/ytresources

[@abdoulazizbayoko2938]

Hello @segun, thank you for this beautiful explanation but I have few questions 1-how to get data from our competitors? 2-after the survey, we find that we under the median, what to do concretely to adjust. With examples

[@segunakiode]

Thank you for your kind words. To your questions: Answer 1 - best approach is use an established consulting firm. Answer 2 - this will be based on an organizations compensation philosophy.

[@abdoulazizbayoko2938]

@@segunakiode thanks a lot 👍

[@sunshine1450]

Segun, How do you present a salary survey to request pay increase in hospital setting? Should other data evaluations accompany this survey? How should we proceed?

[@segunakiode]

@Sunshine - you have to conduct a salary survey first and interpret it to show your market positioning. This will be the justification for a pay increase if the organisation is willing to do so. The ability of the organisation to afford and sustain the pay increase is very critical.

[@KellyGangl]

Thank you Segun for sharing this valuable information.

[@segunakiode]

Glad it was helpful!

[@andrematius1681]

Segun, it's a very nice video to teach us about salary survey interpretation. What HR Book or reference can I use to refer the video?

[@segunakiode]

@Andre Matius - thank you. 🙂' You can check out WorldAtWork "How-To Series for the HR Professional".

[@awiensyahirah9405]

Thank you so much sir!! you helped me a lot! i enjoyed watching your videos!

[@segunakiode]

Glad to hear that!

[@SunilSharma-lh3zb]

Really helpful..i m new and wanted to learn more with data .. please guide

[@segunakiode]

Glad it was helpful!

[@oluwatodimuomonaiye119]

How is the percentile calculated

[@segunakiode]

@Todee - it is the PERCENTILE Function in Excel that was used to calculate the percentiles.

[@segunakiode]

@Todee - you can download the practice file here - segunakiode.com/ytresources

[@factora29]

Bro thanks for uploading these insightful videos

[@segunakiode]

Glad you like them!

[@domifeli]

Very nice video can you share the excel for reference in the description

[@segunakiode]

@Feli's Vlogs - you can download the practice file here - segunakiode.com/ytresources

[@A.A-e8n]

Hi Segun, thanks for your videos. I'm working on a project for benchmarking and need examples. Is this the best video for that? And how to approach and interpret the data?

[@segunakiode]

Yes, absolutely. This video will provide you with insights.

[@ArchanaSingh-rv5bm]

Hi I love all your videos. Very knowledgeable!

[@segunakiode]

@Archana Singh - I am glad you like them!

[@ibrahimyusuf2797]

Hi Segun Thank you for the insightful tutorial. Does a salary survey data capture recent changes in pay policy? Like the one influenced by the recent naira devaluation

[@segunakiode]

It will depend on the timing of the salary survey. As some organizations are yet to respond to the current fuel subsidy removal and forex volatility in Nigeria.

[@skbhardwaj01]

Very informative. Thank you for explaining the topic in a simple manner 👍

[@segunakiode]

Thank you for your kind words!

[@nwokeugochi1111]

How do I go about the survey e.g IT firm? Do you survey by positions or roles? Or is there a site to search and get these surveys

[@segunakiode]

@Nwoke Ugochi - A remuneration survey is best handled by an external consulting outfit.

[@amimochaka6920]

Hello Segun, I have done a salary survey, but I didn't ask for the specific amount the staff are paid. I asked for the minimum and maximum pay for the position. How best can I use this data? Thank you for this very resourceful channel.

[@segunakiode]

Salary surveys adopts percentile analysis for salary comparism.

[@amimochaka6920]

@@segunakiode I'm sorry but I don't understand. Let me clarify my question; From your example on how to interpret data, you have Company A giving you the exact amount they pay for a job, but I don't have that. An example of what I have is HR Officer position is paid a minimum 40,000-Maximum 60,000. So which figure should I use in this instant. Thank you for responding.

[@amimochaka6920]

I have understood after reviewing the example you've given

[@segunakiode]

Great!

[@raghavbhatnagar551]

What approach you followed?​@@amimochaka6920