Payscale’s Compensation Best Practices Survey for 2023 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. This highly anticipated report will be in its 14th year of publication in 2023. Media coverage of the report appeared in outlets including the BBC, Business Insider, CNBC, and Bloomberg.
Survey responses will inform 2023 CBPR
The Compensation Best Practices Survey for 2023, which informs the report, is now open through the end of December 2022. Survey participation is anonymous so that participants can feel confident that their information will not be used for anything other than providing insights about compensation management trends to the marketplace and the industry.
In January 2023, the research and data science team at Payscale will analyze the data. The official report, with data, charts, and a full analysis of the findings, will be published in February.
Survey focuses on standard comp and hot trends
The focus for the Compensation Best Practices Survey for 2023 and resulting report is on the ongoing challenges that HR leaders and compensation professionals face. Topics covered will include:
- Compensation planning for base pay increases
- Variable pay and benefits
- Salary data and market pricing
- Compensation strategy and structure
- Pay equity
- Pay communications and transparency
- HR investments
The Compensation Best Practices Survey for 2023 will also address the hottest topics for compensation and HR professionals in 2022 and 2023, including:
- Pay compression
- Minimum wage
- Pay transparency legislation
- Skills based pay
- Remote work and geographic pay
Questions from this year’s CBPR Survey
The survey is over 100 questions and uses skip logic and completion tracking to make participation easy. CBPR questions are aimed at understanding helping today’s HR and compensation teams understand, evaluate, and address today’s most pressing talent management issues.
Examples of questions participants will be responding to this year include:
- What was your turnover rate in 2022?
- What is the average base pay increase you plan to give to employees in 2023?
- Are you addressing the impact of inﬂation on wages by increasing base pay to retain workers?
- What are you doing to address pay compression?
- Have you experienced resistance or unwillingness from employees to return to either traditional or hybrid offices?
- Are you concerned about new legislation related to pay equity or pay equity reporting?
On average it takes around 20 minutes to complete, although the amount of time can vary. The time commitment in exchange for the insights offered is time well-spent. To take the 2023 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 that you may need to click through answers to return to the place you left off.
Survey participants receive first access to the report
In addition to contributing to the data that informs compensation planning for thousands of organizations, survey participants are the first to receive the Compensation Best Practices Report. Those who complete the survey are also offered a chance to enter to win a $200 gift card!
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)
Payscale’s 2023 Compensation Best Practices Report (CBPR) is scheduled to be published in February 2023 and will provide insights that include how organizations in these industries are changing their comp strategy and benefits in an uncertain economy.
The data will also cover what actions organizations are undertaking to assess and maintain pay equity and how they are responding to pay transparency laws. Most importantly, it will highlight how organizations are preparing for the future.
Contribute your valuable insights
Whether you’re dedicated to compensation or focus on HR and total rewards, you’re invited to participate in the survey that will inform compensation planning for 2023 and beyond.