One of the questions that we get the most from CEDIA members is on the topic of industry compensation levels. ESC company owners want to make sure they are paying their staff in a way that is competitive, but also fair to the company. Also, when the time comes to expand operations to include a new staff position like the first dedicated salesperson, company owners want to know what the best pay strategy is.

Compensation is a topic that the typical ESC wrestles with at least once a year during reviews, but also when hiring a new employee, expanding operations, and even analyzing their own salary and benefits. Great employees are an asset to your company. Make sure that the compensation package you are offering is competitive enough to retain your great employees.

So How Do You Know?

This is one of many business topics that are best evaluated by comparing your practices to industry averages. This practice of comparison to industry standards is called benchmarking. It’s a way of analyzing your company to determine where and how improvements can be made for stronger operations and greater profitability.

As the industry’s trade association, CEDIA conducts an annual Benchmarking Survey that ESC members in the US and Canada can participate in for FREE. The survey is very easy and quick to complete and provides industry benchmarks in the areas of:

• Compensation & Benefits
• Financial Management
• Strategic & Business Planning
• Project Management
• Marketing & Sales

Participants get custom reports comparing their company information against industry medians, companies of similar size, and the most profitable companies. The custom report helps ESC company owners identify areas of strength and weakness within their business, while providing specific steps for improvement.

Would you like to learn more about the CEDIA 2012 Benchmarking Survey or register to participate? Click here: http://www.cedia.org/benchmarking