Opportunities in Numbers: How We Conducted a Rapid and In-Depth Salary Market Research for an International EPC Contractor
Our client, a large international EPC contractor, approached us with a request to conduct a comprehensive salary market research study, examining compensation models and benefit packages among similar companies in the industry.
Project characteristics:
- Tight Deadlines: The research needed to be completed within an ambitious timeframe of four weeks, necessitating high speed and efficiency from our team throughout all project stages.
- Focus on Relevance: We developed a shortlist of five companies based on their actual relevance to the client, significantly enhancing the value of the gathered information.
- Diverse Data Collection Methods: We employed a combined approach to data collection, integrating both quantitative and qualitative methods (surveys and interviews) to increase the reliability of the data obtained.
- In-Depth Analytics: We conducted a thorough analysis of the gathered information, which included statistical processing of the data, ensuring a high degree of accuracy and credibility in the results.
- Client Feedback: Continuous communication with the client throughout all project stages allowed us to swiftly adjust the research course in line with evolving requirements and expectations.
- Archiving and Documentation: Every step of the process was meticulously documented, facilitating future monitoring and analysis of changes in salaries and compensation packages among the researched companies.
Our actions and approach:
We created a long list of reference companies for potential analysis and collaboratively determined a shortlist of five companies to include in the study.
We gathered information using two primary methods:
- Data Collection: We obtained specifics on the proposed salaries and compensation packages in target companies for the positions under study.
- Interviews: We interviewed employees in relevant positions within client companies to gather firsthand insights.
The data collected through these two methods underwent statistical processing, leading to a report that detailed the salary distribution for each researched position, broken down into maximum, minimum, average, and median figures.
- We examined the compensation package, evaluating the provision of health insurance, meal allowances, fitness benefits, mobile communication stipends, and additional payments during vacations and sick leave.
- As a bonus for the client, we included data on practices related to hybrid working models, flexible schedules, corporate training, and additional perks.
Results:
As a result of this research, our client received valuable and practically applicable insights: the study enabled a reliable assessment of the current labor market landscape and provided a solid foundation for recommendations to stakeholders during the decision-making process.
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