Finding and retaining top talent is a significant challenge for businesses today. With low unemployment rates and the ongoing “Great Resignation,” employees now have more options and bargaining power than ever before. To remain competitive and attract top performers, offering market-aligned compensation packages is essential.
But how can companies determine what constitutes a competitive salary, bonus structure, or benefits package in their specific industry and location? That’s where compensation surveys come into play. These detailed reports provide critical insights into pay scales, benefits, and compensation trends across industries, job functions, company sizes, and geographic regions.
With many compensation survey providers available, it can be overwhelming to choose the right one for your organization. This guide reviews the top eight compensation survey providers of 2024, highlighting their key features, pricing, and ideal use cases to help you make an informed decision.
What Are the Top 8 Compensation Survey Providers of 2024?
1. Salary.com
For over 25 years, Salary.com has been a leader in the compensation survey space, offering one of the most comprehensive databases for salary benchmarking across industries and regions.
Key Features:
- Extensive Coverage: Includes salary ranges, bonus structures, equity compensation, and benefits across 800+ occupations in industries like technology, healthcare, finance, and manufacturing.
- Customizable Reports: Tailor data by company size, education level, experience, job title, and more.
- User-Friendly Platform: Intuitive interface with downloadable reports in Excel format.
- Frequent Updates: Data is refreshed quarterly or annually, ensuring relevancy.
- Flexible Packages: Offers individual surveys and enterprise-wide solutions.
Pricing: Starts at $400–$500 per individual survey, with discounts for bulk purchases or annual subscriptions.
Best For: Organizations seeking broad salary benchmarks across diverse professional roles and industries.
2. Economic Research Institute (ERI)
ERI specializes in compensation surveys for industries such as manufacturing, healthcare, consulting, and distribution. They are particularly known for providing detailed occupation-specific insights.
Key Features:
- Custom Data Collection: ERI can partner with organizations to collect proprietary salary data from competitors.
- Occupation-Specific Insights: Covers over 150 detailed job categories, from engineers to executives.
- Robust Analytics: Includes statistical modeling tools to project future costs and benchmark pay grades.
- Visualizations: Graphical representations simplify complex compensation data.
- Global Reach: Offers compensation surveys in Europe, Asia, South America, and beyond.
Pricing: Customized based on client needs; annual costs typically range from a few thousand dollars upward.
Best For: Manufacturers, industrial firms, and niche occupations requiring highly tailored insights.
3. Willis Towers Watson
A trusted name in compensation consulting, Willis Towers Watson offers over 60 years of expertise in pay benchmarking and benefits analysis.
Key Features:
- Executive Compensation: Comprehensive surveys for C-suite roles and boards of directors.
- Benefits Benchmarking: Analyzes health plans, retirement options, and wellness programs.
- Global Data: Covers major markets worldwide, including Europe, Asia, and Latin America.
- Incentive Compensation: Surveys include short- and long-term incentive plans as well as non-cash rewards.
Pricing: Enterprise-level solutions start at $10,000+, with extensive customization available.
Best For: Large organizations seeking detailed executive pay benchmarks and benefits analyses.
4. CompData Surveys
CompData focuses on wage and salary surveys tailored to small and mid-sized businesses, offering accessible and actionable data at an affordable price.
Key Features:
- Small Business Focus: Surveys are specifically designed for companies with 1–500 employees.
- Wide Industry Coverage: Covers 35+ industries, from technology to non-profits.
- Straightforward Reporting: Easy-to-understand reports suitable for non-technical users.
- Frequent Updates: Refreshes data quarterly or biannually.
Pricing: Starts at $350 per individual survey, with bulk discounts available.
Best For: Small and mid-sized businesses needing cost-effective wage benchmarking solutions.
5. PayScale
PayScale combines compensation surveys with interactive tools and software solutions for talent analytics and pay management.
Key Features:
- Crowdsourced Data: Leverages salary profiles from over 8 million employees globally.
- Compensation Calculators: Interactive tools help set pay ranges and equity grants without needing extensive survey data.
- Talent Management Integration: Ties compensation insights to performance metrics.
- Customizable Filters: Sort data by experience level, location, company size, and more.
Pricing: Freemium model available; advanced tools start at $250–$500 per month for subscriptions.
Best For: Companies seeking tech-enabled solutions for compensation planning and analysis.
6. Equifax Workforce Solutions
Using its vast payroll data, Equifax Workforce Solutions provides unparalleled compensation intelligence for benchmarking and validation.
Key Features:
- Massive Data Sets: Draws from billions of payroll records across industries, locations, and demographics.
- Custom Report Builder: Create targeted benchmarks using an intuitive online interface.
- Real-Time Updates: Payroll data is updated daily, offering the most current insights.
- API Integration: Seamlessly integrates data into HRIS and ATS systems.
Pricing: Ranges from a few hundred dollars for self-serve reports to tens of thousands annually for enterprise solutions.
Best For: Agencies and enterprises needing real-time compensation benchmarking.
7. The Conference Board
A global non-profit, The Conference Board provides academic-quality research on compensation and benefits trends.
Key Features:
- Cross-Functional Roles: Offers benchmarks for finance, marketing, operations, and more.
- Executive Pay Analysis: Covers C-suite compensation across industries.
- Benefits Data: Includes health plans, retirement packages, and leave policies.
- Demographic Insights: Analyzes compensation based on education, experience, and company size.
Pricing: Starts at a few hundred dollars for basic reports, with more advanced options available for thousands annually.
Best For: Companies needing detailed and reliable research on compensation and benefits.
8. Beqom
Beqom offers a total compensation management platform that integrates surveys, analytics, and consulting into a single solution.
Key Features:
- Integrated Platform: Combines planning, modeling, and administration in one system.
- Custom Surveys: Allows users to create tailored questionnaires or use existing surveys.
- Strategic Consulting: Access to compensation experts for guidance and validation.
- Global Reach: Covers compensation trends across 100+ countries.
Pricing: Starts in the mid-five figures annually, depending on customization and features.
Best For: Large enterprises looking for a unified compensation management solution.
How to Choose the Right Compensation Survey Provider
Selecting the right provider depends on your organization’s unique needs. Here are some considerations to guide your decision:
- Industry Fit: Ensure the provider covers industries relevant to your business.
- Company Size: Choose surveys tailored to organizations of your size.
- Geographic Coverage: Ensure data spans the regions or countries where you operate.
- Update Frequency: Look for providers with quarterly or more frequent updates for accuracy.
- Customization: Opt for providers offering filters and options to tailor data to your needs.
- Pricing: Balance cost against the depth of insights provided.
- Ease of Use: Ensure the platform or reports are easy to navigate and implement.
- Reputation: Research customer reviews and success stories to validate the provider’s reliability.
Final Thoughts
In today’s competitive talent market, offering competitive compensation is critical for attracting and retaining top performers. By leveraging insights from trusted compensation survey providers, you can benchmark your pay structures and stay ahead in the talent race.
Each of the top eight providers reviewed here offers unique strengths, from Salary.com’s comprehensive databases to Beqom’s all-in-one management platform. Analyze your organization’s needs and align them with the features and capabilities of the provider that best fits your goals. With the right compensation data, your business will be well-positioned to attract, retain, and motivate top talent in 2024 and beyond.