Payscale’s Compensation Best Practices Survey for 2022 is now open for participation!
Payscale’s annual Compensation Best Practices Repot (CBPR) is the largest research report dedicated to compensation management best practices and trends. The report included charts and data on what organizations are planning for pay increases, what salary data organizations rely on for market pricing jobs, which formal pay structures organizations use (job-based ranges, grades, broadbands, etc.), pay equity — and so much more!
The Compensation Best Practices Report is informed by a survey with participation from thousands of employers and cuts of the data by industry, occupation, and top performers vs. non-top performers (i.e. organizations that exceeded their revenue goals versus those that do not). Industries for which we collect data to provide insights on compensation best practices include:
- Agencies & Consultancies
- Arts, Entertainment & Recreation
- Energy & Utilities
- Finance & Insurance
- Food, Beverage & Hospitality
- Healthcare & Social Assistance
- Real Estate, Rental & Leasing
- Retail & Customer Service
- Technology (including Software)
The data from the Compensation Best Practices Survey will inform the 2022 Compensation Best Practices Report. The survey is open from November until the end of the 2021 calendar year. In January, the research and data science team at Payscale analyzes the data. The official report is scheduled to come out in February.
Participants will receive the Compensation Best Practices Report first via email delivery. Other reasons to participate include contributing to the data that will inform compensation planning for thousands of organizations as well as being entered to win a chance for a $200 gift card!
The survey is over 100 questions, but skip logic and completion tracking are used to make participation easy. Indeed, the Compensation Best Practices Survey takes individual less than 20 minutes to complete on average. For compensation professionals and HR leaders who are data enthusiasts, the time commitment in exchange for the the wealth of insights offered is time well-spent.
Payscale is planning to structure the Compensation Best Practices Report around the challenges that HR leaders and compensation professionals face on a routine basis–and especially in the past year. These challenges include:
- Salary Data & Market Pricing
- Job Management
- Compensation Strategy and Structure
- Variable Pay & Complex Comp
- Compensation Planning and Pay Increases
- Pay Trends and Hot Topics
- Pay Equity
- Pay Analysis & Reporting
- Pay Communications & Transparency
- Collaboration & Impact
Some questions are tailored to employee retention strategies around what is currently called the Great Resignation, including what percentage of organizations are experiencing labor shortages and which occupational groups are seeing pay increases. We also have questions related to inflation and how rising inflation is impacting compensation planning for pay increases. Other hot topics covered in the survey include remote work and pay strategies for a distributed workforce (updating data from our recent State of Remote Work Report), how benefits have changed post-COVID, and how new pay equity laws and expectations from employees are impacting commitment to and management of ensuring that pay is fair and professionally managed.
Example questions for this year’s 2022 Compensation Best Practices Survey include:
- Which sources do you use to obtain market data? (check all that apply)
- Did you make significant changes to your compensation data strategy in 2020 or 2021?
- What do you expect will be the average pay increase given to employees in 2022?
- What was your turnover rate in 2021?
- Did you or are you changing your total rewards strategy as a result of COVID-19 and/or changes in the 2020-2021 labor market?
- When do you share pay ranges with prospective employees?
- What will be the greatest challenges for HR in your organization in 2022 compared to previous years?
The 2022 Compensation Best Practices Survey is anonymous so that participants can feel confident that their information will not be used for anything other than providing insights and trends to participants and the marketplace. Supplying contact information for a chance to win the raffle or receive updates from Payscale marketing on other research and insights related to compensation is optional.
To take the 2022 Compensation Best Practices Survey now, click on this link to get started! If you get interrupted, you can return to the survey to resume at any time (note: you may need to click through the pages of answered questions to find your place).