Have you ever wondered why there is such a gap of time between the questionnaire due date and when the survey actually publishes? What is happening during this time? What are they doing with my data? Why does it take so long?
As always, MSEC strives to produce accurate and timely reports. We know you rely on this information when making business decisions related to compensation and benefits offerings for your employees, so we adhere to a strict methodology when reviewing and analyzing survey data. We also protect the confidentiality of data submitted by organizations in the final product.
The process for submitted data is similar for both benefits and compensation surveys. Once MSEC receives your data, it may be reviewed up to four separate times before we publish the final report. For compensation data, we first perform a general overview of the data. This process checks for typos and ensures titles reported for each position align with the MSEC job code to which it is matched. This process also verifies formal salary ranges are being reported, pay rates are reflective of an annual salary representing a 40-hour workweek, and actual rates of pay are reported versus averages. If an incumbent’s rate of pay happens to lie significantly outside the salary range reported by an organization, this information is verified. If an organization participated in the previous survey, a year-to-year comparison report is reviewed to see how the data and positions have changed.
Next, we place your organization’s data into a master template with data from all other reporting organizations. We examine the array of data to verify that outliers are not the result of position accommodation, typos, or poor job match. We also verify exemption statuses. Formal salary ranges are compared to other ranges within the job code, and if applicable, we inspect ranges to ensure correct level(s) are reported. Next, we compare the simple average and the weighted average for the job to the same from the previous year and compare percentiles to previous years’ data. If significant changes have occurred, we perform a more in-depth review to determine what is causing the difference. An MSEC Survey Specialist may contact you at any time during this process to confirm data you have submitted.
Lastly, we produce a “mock” final. Once again, we review and compare all numbers to the final report of the year before. Occasionally, incorrect or misplaced data can still surface in this final process. We make changes to the master template and upload the revised data set into the reporting system again. Once the data are clean and ready to go, we create a spreadsheet version in addition to the pdf version. The pdf document is now formatted, linked and bookmarked to create the final report you see on the website!
We know this process sometimes feels lengthy. Our goal is to produce a reliable final report that members can use to make compensation and benefits design decisions. We appreciate your participation in the survey process and your patience with us as we produce these annual reports!
Notice of Surveys Currently Being Conducted
2015 Miscellaneous Benefits Survey DEADLINE EXTENDED to Friday, November 13
Arizona, Colorado, and Wyoming
It is not too late! We have extended the deadline for this benefit survey to November 13, 2015. If you’ve already submitted your questionnaire, THANK YOU! This survey is only conducted every other year, so if you haven’t yet submitted, don’t miss out on this extended deadline opportunity.
This survey collects data for topics such as hiring/employment practices, hours of work, automobile/mileage reimbursement, tuition aid, moving allowance and volunteer/community service among many other employer-sponsored benefits.
Invitations for online participation were sent via email to authorized individuals. If you would like to participate or have not received an email, please call the Surveys department. Hard-copy versions are also available on the website at www.msec.org under “Survey Questionnaires,” or contact us. We’d be happy to send you the questionnaire.
2015 Senior Services Compensation Survey
The 2015 Senior Services Compensation Survey is now available. This survey collects data for 87 positions and has 20 organizations reporting. Data are displayed by geographic location. Also available in this report are 2014 turnover rates, and shift differentials. Other miscellaneous pay practices, in addition to the average pay increases and projections for 2014, 2015 and 2016 are also reported.
2015 Financial Industry Compensation Survey
This annual salary survey reports data for 109 positions in 47 financial institutions throughout Colorado and Wyoming. The survey displays data for surveyed jobs by geographic location and Bank/Credit Union. Participants with multiple locations reported institutions within the same geographic area under one questionnaire.
The General Information section includes percentage increases in pay and pay structures for 2014, 2015, and projections for 2016 for officers, non-officer management and non-exempt employees.