Compensation in a 2021 Reality

Emsi Burning Glass’s compensation data

Compensation data from the government is the foundation of Emsi Burning Glass compensation data. Specifically, Emsi Burning Glass pulls data from the BLS’ OES dataset to provide the framework for our comp data. Emsi Burning Glass supplements government compensation data with advertised wage observations that we scrape from job postings. 

OES’ compensation data

• Strengths: 

• • • Comprehensive: Includes salary information on 1.1 million companies nationwide
    • High Participation Rate: Approximately 57% of all US companies participate.

• Limitations: 

• • Data Lag: The OES is a rolling survey that takes time to collect and curate.
  • Granularity: The OES releases data as deep as the Occupation (SOC code) level.

Advertised wage data

• Strengths: 

• • • Recency: Pulled from our job postings dataset which is a daily feed
    • Granularity: Can pull compensation data at the company/skill/keyword level
    • Volume: Over 37 million advertised salary observations

• Limitations: 

• • Self Reported: Indicates only what companies advertise, NOT what they pay

Compensation Data in Emsi Burning Glass Reports

 

Goal 1: Understand Pay Rates in your Market

 

Report: Compensation Analysis

Report Function: Identify where your pay rates fall in your market

Understanding pay rates for your roles in your markets is key to a competitive recruiting strategy. 

This report uses the power of government data and advertised wage data to give you a holistic look at compensation throughout your markets.

How to Run the Report: 

• Set up: 

1. 1. 1. Enter your target occupation
      2. Enter your target region and “run” the report
      3. Using the control bar on the left-hand side, continue to refine your search (if you like by adding skills, keywords, or filtering by experience) 

• Results: 

1. 1. The report will first display a compensation range (that captures roughly the middle third of workers), and will also highlight compensation by years of experience. 
   2. Next, the table will display pay rates for your region, the nation as a whole, and cost of living adjusted pay rates for your region.
      1. Find yourself on the data table to learn which percentile you fall into! 
      2. For context, if your pay rate is at the 50th Pct. that indicates that half of the people make less than that value, and half of the people make more.
      3. If necessary, you might consider raising your pay rates to fall within the 50th to 90th Pct. range in order to find top talent, and hire them quickly. 

 

Goal 2: Track Wage Trends over Time for Your Roles

 

Our country is in the midst of a talent shortage which is causing wage inflation in many industries. 

To stay competitive, companies are tracking how wages are changing to be sure their wages are still attracting top talent. 

Within the Same Compensation Analysis Report: 

• Set up: 

1. 1. 1. Scroll to the bottom of the report to identify advertised salary trends for your role. 
      2. In the top right corner of the trend graph, set your desired timeframe by toggling to either 6 months, 1 year, or 3 years.

• Results: 

1. 1. This report uses advertised wage trends to track which markets are seeing wage increases year over year, and even month over month.

 

Goal 3: Identify Competitor Pay Rates

 

Report: Job Posting Competition

Report Function: Discover which competitors are claiming to pay for your talent

Understanding the pay rates of your competitors is key in both winning and retaining top talent. 

Within this report you can hone in on advertised pay rates for your known industry competitors. You can also identify additional talent competitors (companies posting for the same talent) and see their advertised pay rates.

How to Run the Report: 

• Set up: 

1. 1. 1. Add an industry competitor of yours into the “company” field.
      2. Optional: Add in your target state or MSA in the “region” field.
      3. Add in your target occupation/job title and run the report.

• Results: 

1. 1. The advertised salary piece of this report will pull out a median advertised salary, as well as show you the quantity of observations by price point.

 

Goal 4: Benchmark Talent Availability at Your Price Points

 

Report: Talent Supply by Compensation 

Report Function: Learn what percentage of your talent in your markets you have access to at your pay rates

Many of our clients have the goal of setting pay rates that allow them access to experienced and skilled talent. 

You can use Emsi Burning Glass data to set your pay rates (or to consult your clients to set pay rates), based on the desired access to the talent you are seeking.

How to Run the Report:

• Set up: 

1. 1. 1. Enter your job title/occupation of interest.
      2. Enter the pay rate you or your client are willing to offer.
      3. Enter the region you are recruiting into, and run the report.

• Result: 

The report will display both the volume of workers, and the percentage of total employees you have access to at your set price point.

 

Download the PDF version of this training: Compensation in a 2021 Reality