Do you know what to pay your employees? The Employment Development Department (EDD) and Census Bureau compensation numbers are based on larger geographic areas and often months or years behind.

The value of accurate compensation data for local business owners is extremely high. The San Luis Obispo Chamber of Commerce is partnering again with the HR Association of the Central Coast to encourage local business owners to take the bi-annual salary and benefits survey.

The survey was previously conducted by the Private Industry Council (PIC), and has long been used as the best resource for accurate wage information.

“It was a nightmare to organize, but gratifying when we saw how the data was used," said retired PIC Executive Director Lee Ferrero. 

Cal Poly HR, IT, and business students are conducting the survey and preparing the summary, which is delivered via survey gizmo, and is targeted for a late June publication. All businesses who participate receive the summary report at no cost; a savings of $150.

“Thank God for the Internet, but don’t quote me on that," said past HRACC President Betsey Nash.

The key is widespread participation. This completely confidential, web-based format makes it easy for employers within San Luis Obispo County to submit compensation and benefit data on a wide range of local jobs. All results will be reported in summary format. No attribution to individual company pay levels will be made.

To take the survey, visit http://www.surveygizmo.com/s/538514/compensation-and-benefits-survey-2011.

"This data is critical for any business who has employees, since many guidelines and formulas have become irrelevant after the recession," Nash continued. 

Here are some of the valuable ways companies in the county have been using data from our biannual survey:

• To compare competitive wages and benefits in the region
• To gauge how best to compensate employees by observing how similar organizations compensate employees in similar positions
• To determine compensation changes during a formal equity review process
• To set benchmarks for positions
• To establish and verify pay ranges
• To set entry level wages for new hires
• To gain a better understanding of benefits and compensation in other professions
• To see the current trends and projections for benefits, raises, and bonuses

The deadline to complete the survey is June 13. Take the survey online now: http://www.surveygizmo.com/s/538514/compensation-and-benefits-survey-2011.

Update: The survey deadline was just extended to Friday, June 24.