Market survey
Use the market survey feature to compare your organization's compensation for key positions with the prevailing marketplace compensation for the same or similar positions.
Most organizations use third-party market survey providers to conduct this analysis. The Compensation Market Survey feature provides an automated way for an organization to collect and submit the resource compensation data for market survey providers to conduct an analysis.
If your organization uses salary structures for the surveyed positions, then you can update your salary structures according to the market survey results. You can use a market adjustment compensation planning rule to adjust the salary of resources whose base pay is lower than the salary structure minimum base pay for their position.
You can run the report as often as you want for the same survey provider and version date. A new report overrides previously reported data. If you run a report for an eligibility group, then export the data and save it before you run the report for another eligibility group.
The Hire Year is not displayed on the default Incumbent Report Export Template. To include it in your incumbent report, modify the list to add the YearOfHire field to the list.
Market survey features
Use the Compensation Market Survey solution to perform these tasks:
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Store market survey providers' information, including the positions for which they can provide market survey.
Market survey providers are defined by version date. (Typically, reports are run once a year for the market analysis process.)
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Match a provider's market survey positions with your organization's jobs and positions, with a user-defined "quality of match" indicator.
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Generate market survey data that populates two export templates. You can export the data in these templates to a CSV format for submission to the market survey provider.
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The Aggregate Export Template provides average salary and bonus information and the number of matching resources by market provider position. This information is broken down by Salaried and Hourly resources. The aggregate numbers are expressed in company base currency. You can print the report and export it to a CSV format for submission to the market survey provider.
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The incumbent report template provides detailed compensation information in resource currency for each resource whose work assignment's job and position match the market survey provider positions. Each column of the report is filterable. You can export this report to a CSV format and modify it to contain only the data required by your market survey provider.
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You can run the Create Incumbent Report action by eligibility group to limit the resources to include on the report.
For example, you can create reports by location, by a specific currency, by hourly resources, or by salaried resources.
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When you start the market analysis process for the next year, you can create a new version of a survey provider by copying an existing one. You can copy the provider positions and matching organization positions.
The Compensation market survey process
This table describes the steps and locations for the market survey process.
| Step | Description | Location |
|---|---|---|
| 1 | A market survey provider submits a list of position for which they can conduct market analysis with descriptions. | Outside Infor HR Talent |
| 2 | The compensation analyst, HR administrator, or HR generalist, defines the survey provider, with a version date and the associated survey provider positions. | |
| 3 | The compensation analyst, HR administrator, or HR generalist matches the survey provider's positions with the organization's jobs and positions. | |
| 4 | The compensation analyst, HR administrator, or HR generalist generates, market survey data, which produces both an aggregate and an incumbent report. |
or
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| 5 | The compensation analyst, HR administrator, or HR generalist views the reports. | |
| 6 | The compensation analyst, HR administrator, or HR generalist exports the reports to a CSV format. |
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| 7 | The compensation analyst, HR administrator, or HR generalist edits the reports. For example, removes unused columns. | Outside Infor HR Talent |
| 8 | The compensation analyst, HR administrator, or HR generalist submits the reports to the market survey provider. | Outside Infor HR Talent |
| 9 | The market survey provider submits a market survey analysis based on the reports submitted. | Outside Infor HR Talent |
| 10 | The compensation analyst , HR administrator, or HR generalist updates the salary structures and salaries accordingly. |