By John Borrowman, CPC
Borrowman Baker, LLC, BV Staffing + Consulting
Take a breath. No, you’re probably not paying your people too much. But you would still like to know how much you should be paying them. Why is that question so hard to answer?
Every day you use reliable, granular data. You couldn’t do your job without it. You go looking for similarly granular data about what you should be paying, and you find it isn’t available. There are two key reasons:
As a job, BV is hard to benchmark. The majority of practices are more like small businesses where hierarchies may not be easily defined. To make matters worse, job titles are fluid. The term “Analyst” is applied at every level of the experience chain.
Data collection is a special challenge. In order to deliver valid and useful data, a survey would need twelve data points for each employee. If you don’t have HR or other staff who can handle confidential information like this, it can seem easier not to participate at all.
All is not lost. BVR has included basic comp data in the Firm Economics & Best Practices guide. For the time being, it’s the best that we have.