The study of market salary is, without a doubt, one of the most important aspects of conducting a proper analysis for marketing purposes. It is also one of the most sensitive and controversial topics in the field. The issue with this research topic is that it begs to be done professionally because there are so many possibilities when surveying data in an attempt to find out what people are actually making at different companies or organizations.
When conducting market salary studies, it’s crucial to take into account that sometimes data can be misleading because employees sometimes lie about their earnings which makes the entire process difficult to analyze.
When you’re conducting a survey, it’s very important to get it right. If you don’t get the response that you were looking for then this can be quite problematic.
Pay is not Self-Explanatory
Pay has little to do with the employee’s value or his performance and everything to do with the market – supply and demand. This means that one person’s salary is only increased because another person got their salary increased. There is often no rational reason for why pay increases happen, but rather that certain employees have been around longer than others so they are due for a pay increase as part of their ‘turn’. Performance has nothing to do with it as long as an employee just ‘does his job’.
Salary Surveys are Not Totally Accurate
There are several factors that can affect the data you gather when conducting a market salary survey. Some issues include the fact that employees would rather not tell how much money they make because it could harm their reputation or affect their chances on getting a promotion in the future. Other times, people lie about what they earn, so it’s impossible to get the correct data after all, especially if you’re trying to study compensation. The way market salary hong kong is calculated is also quite suspect as you need to take into account things like experience and skills of an employee as well as his level of productivity in order for them to receive a raise in their pay.
The Survey Questions are Difficult to Answer
When conducting market salary surveys, there is a lot of room for misinterpretation in the questions that are asked. The first and most obvious problem is that some people would rather not disclose their earnings to anyone so they can fit into their company’s culture and fit in with the average income of their organisation. Sometimes, salaries are intentionally hidden from employees – especially if a manager suspects that someone is purposely holding back on them.