Question

A compensation and benefits specialist conducted a salary data survey last year but did not have time to benchmark the results to the organization's pay structure. What action should the specialist take at this point in time?

Weight the data compared to other survey data.
Level the data to determine relevance.
Completely redo the survey from the beginning.
Age the data to make it current.

Answer 1

The compensation and benefits specialist should age the data to make it current in order to have accurate insights for benchmarking with the organization's pay structure.

Step-by-step explanation:

The compensation and benefits specialist should age the data to make it current. This means adjusting the salary data from last year to reflect current market conditions and the organization's pay structure. By taking into account factors such as inflation and changes in the job market, the specialist can ensure that the data remains relevant and accurate.

For example, if salaries have generally increased by 5% since the time of the survey, the specialist can apply this adjustment to the data to bring it up to date. This allows for a more accurate comparison and benchmarking of the survey results against the organization's pay structure.

By aging the data, the specialist can make informed decisions about compensation and benefits based on current market conditions and alignment with the organization's pay structure.