A function remuneration survey within an industry is a survey conducted to collect and analyse data on the remuneration (salaries) of various positions within the industry. The purpose of such a survey is to understand remuneration structures, trends and best practices, and to help organisations develop competitive and fair remuneration strategies. In addition to function salaries, fringe benefits are often included in the survey.
Participating in a function remuneration survey provides you as an organisation with valuable insights and benefits that can directly contribute to your organisation's success and competitiveness. It helps in attracting and retaining talent, promoting fair and market-compliant remuneration practices, and enhancing competitiveness. Possible reasons to join are:
Benchmarking
By participating in these surveys, you can compare your remuneration packages with those of your competitors. This helps you offer market-based salaries and benefits, which is essential to attract and retain talent.
Understanding Trends and Best Practices
Participation offers insight into the latest industry trends and best practices regarding remuneration and benefits. This helps you stay up-to-date and adapt your own policies accordingly.
Employee motivation
Competitive and fair rewards increase employee engagement and motivation. This can lead to higher productivity and lower turnover.
Offering market-compliant fringe benefits contributes to employee satisfaction and loyalty.
Strategic decision-making
The data from these surveys provide a solid basis for strategic decision-making on HR policies and reward strategies.
As an industry assocation, why conduct a function remuneration survey among members? Here are a few reasons:
Sectoral Insights
By collecting and analysing remuneration data, the trade association gains in-depth insight into remuneration structures within the industry. This strengthens the organisation's knowledge base and authority in this area.
Strategic advising
With this data, the industry association can better advise its members on remuneration strategies and conditions of employment, strengthening the position of the industry as a whole.
Added member value
Offering valuable services such as a function remuneration survey increases the value of membership. Members benefit directly from the insights and benchmarks they receive. Providing useful and relevant information on unction remuneration helps retain members and increase their commitment to the industry association.
Strengthening lobbying position
Accurate remuneration data strengthens the industry association's lobbying position with policymakers and other stakeholders.
Trend monitoring
By regularly collecting and analysing remuneration data, the association can monitor trends and changes in remuneration practices, which helps in anticipating future challenges and opportunities. Early identification of negative trends enables the association to take proactive measures to ensure the health of the industry.
Improving competitiveness of members
By providing insight into market remuneration practices, the association helps its members stay competitive. This contributes to the overall competitiveness of the industry.