Interviews

Why Recruiters NOT Surveys Are the Best Source For Pay Data in 2022

Team Compa
September 27, 2022
2 min.

Our CEO Charlie Franklin recently sat down with RecruitingDaily Podcast host, William Tincup to discuss why recruiters, not surveys, are the best source for pay data.

In most companies, Compensation and Talent Acquisition departments are often like two ships passing in the night - never the twain shall meet. Each department can perform their duties proficiently, but when these teams operate in silos they might miss critical data points that negatively impact company performance. When these two departments work together, however, they are more apt to grasp and analyze market trends faster and deliver smarter offers to candidates.  

In this Recruiting Daily podcast, Compa’s CEO, Charlie Franklin discusses with William Tincup why it’s critical for Compensation and Talent Acquisition to work together. Specifically, Charlie delves into:

  • How HRIS compensation band data dumps are no longer sufficient as an exclusive tool for preparing smart offers.
  • Why relying on compensation surveys and self-reported, crowdsourced sites like Glassdoor can be problematic, especially in times of rapid change.
  • The increased levels of pressure on Compensation teams to adjust their core metrics and analyses to reflect increased attrition rates, the changing nature of office environments, and hybrid work cultures.
  • How Talent Acquisition teams can provide critical data to Compensation teams:
    • Based on real-time conversations with candidates;
    • That effectively eliminates the need for forecasting aging factors;
    • Significantly improves the relevance of compensation data points;
    • Measurably enhances responsiveness to market trends and forces; and
    • That dovetails with increased levels of compensation transparency.
  • The need for a Talent Plan that reflects the company’s strategic initiatives, e.g. growth vs. cost-cutting.
  • Pay equity dashboards that provide early warning systems of imbalances and improve overall accountability.
  • Considerations for factoring geographic diversity into compensation strategies and plans.

🎧 Listen to the 27 minute discussion now

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