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Welcome to work span TV I'm Ryan Johnson from world at work I'm in the studio today with Ken Cardinal of pearl Meyer, and he's going to offer some tips on how to conduct your own compensation survey Ken let's get right into it if someone's going to design their own compensation survey, and they're thinking about whom to invite participating what are some things they should be thinking about the first thing to think about is who are the thought leaders or influencers that will make a difference to the survey audience so one of the challenges you're going to face when you get your survey results is you're going to go out to line management presumably and say here's what the survey says and their first comment is going to be well who's in the survey when you then show them the participant list what you want them to do is recognize oh this these are people that I view as competitors to add credibility to survey so let's take for example the thought of focusing on an industry recently I went and looked at the pharmaceutical industry we don't actually do a pharmaceutical survey and pearl Marin partners, but I looked at the pharmaceutical industry and if you look at the revenues of the lock top 50 pharmaceutical companies there's one company right now that accounts for almost 10 percent of the revenue that's Pfizer so imagine you're doing a survey and your survey doesn't have Pfizer you're missing the largest firm in the pharmaceutical industry if you look at the top ten of the top 50 they're 80% of the revenue in the pharmaceutical industry if you don't have a reasonable representation you probably won't get all but if you don't have a reasonable representation is that going to carry credibility to the audience when they say well gee none of the big none of the big players are in the survey that's just looking at industry now another area you could look at in many jobs is geography so let's suppose you decided to do a geographic survey, and you looked at private higher education in New England, but you didn't include Harvard MIT Northeastern by or BC which is the five biggest it's going to be hard for the faculty member or the administration of a higher education institution to really value that information when they don't see that the biggest players are in the survey the third area that you can focus on, so there's industry there's geography and there's also a labor market and so take for example something like Investment Banking I want to know how much investment bankers make and by the way it's probably a lot of right because we hear about that in the news, and so I want to then probably look at investment banks, and it's hard to argue that looking at investment banks for investment bankers doesn't make sense, and so I'll probably have you know if I get the right big investment banks in there I probably have a good survey but let's suppose at the same time I take that survey and I then say well could these investment banks also give me their...
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