How often would you like to receive feedback on your compensation and benefits package?
Annually28%
Semi-annually50%
Quarterly18%
Monthly2%
Other (please specify)
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Product Manager II - Marketing Technology in Softwarea year ago
qtrlySenior Financial Analysta year ago
This is a question that I have. Suppose if you run a clothing retailer and you sit in head office. There you can see the sales for the previous 60 minutes. What can you do with this data? If you see sales trending down are you going to reduce prices, send out an email, coupon or what?When you get feedback on an item, how quickly do you think you can react? If you get feedback on a daily basis do you expect to change compensation daily? I could see a situation where someone may take on a job at $75K/year but if you find that the market is soft and you are getting good responses to your offer, will you cut their pay to $50K? Of if the market is very tight, will you increase their pay to $100K? What if the time difference between the two is only a few weeks or months?
Some roles are affectively "continuously" hired, for other roles less so. As an example, today will be the first day of work for many front line staff at a fast food office but today is unlikely to be the CEO's first day. When it comes to the pay of front line staff at a fast food restaurant we can expect many data points and we can expect to see how things work at different locations etc. For more senior roles we are unlikely to have such a large granular data set.
If you're only look at exit interviews, you'll only get the data when people leave. Advertising dissatisfaction with pay may only increase turnover and have people look for work outside the company. I know studies have been done which show that salary benchmarking studies are usually done just before Senior Leadership has to set their pay and less so when frontline staff are hired. There is much gamesmanship here. Studies have also shown that pay transparency for Senior Leadership led to higher pay for Senior leadership as they could justify higher pay for themselves.
I think that a compensation review should be done at a regular interval and that depends on the nature of the firm/industry. If there are a large number of people who have left it would be best to look into that. Often the stated reason may not be the only reason or the real reason. Its a lot easier to say "pay" than it is to say that you hate your boss when you need them for a reference.