A Compensation Survey is a systematic process used by organizations to gather and analyze data on employee salaries and benefits. This survey helps companies understand how their compensation packages compare to those of similar organizations in the same industry or region. By collecting information on various job roles, experience levels, and geographic locations, businesses can make informed decisions about their pay structures. The results of a Compensation Survey can guide organizations in attracting and retaining talent. By ensuring that their compensation is competitive, companies can improve employee satisfaction and reduce turnover. This process often involves benchmarking against industry standards and may include data from sources like salary databases or industry reports.