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ArticlePublication Date
How to Age (Update) Survey DataMarch 2014
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Article: How to Age (Update) Survey DataPublication: March 2014
How to Age Survey Data

How to Age (Update) Survey Data

As with most surveys, our survey is conducted during a set period each year.  Now that it's March, that data is a few months old but that doesn't mean that it's no longer useful! Compensation professionals simply "age" the survey data to account for the time between when the data was collected and the date you want to apply the data. Here's how to age survey data step-by-step:

1. Identify the effective date of the survey - login to our website and find the effective date in the Survey Facts box on the main section of the screen.  For this example, we will use June 2013.

2. Determine the length of time between the survey effective date and the date you intend the use the data.  We'll use March 2014 as the date we will use the data which is ten months from June 2013.

3. Determine the annual market movement.  Generally speaking, the market has been moving at 3% per year for the last couple of years so this would be a good number to use. (If one didn't have this general knowledge, our survey provides a number you can use.  Current subscribers to SalarySurveyOnline.com may login to our latest survey. Then click on Survey Results, click Merit Increase and Turnover, and use the percentage shown under "This Year's Merit Increase.") We'll use 3.0 for our example.

4. Determine the monthly market movement by dividing the annual market movement by 12.  The calculation for our example is 3.0 divided by 12 = .25% per month.

5. Calculate the aging factor by multiplying the number of months (which we decided was 10 in item 2) by the monthly market movement (which we calculated to be .25% in item 4.)  In this case, the aging factor is 2.5%. Calculation: 10 times .25 = 2.5

6. Multiply the survey rate by the aging factor to get an estimated current rate. Assume the survey shows a job with a weighted average of $40,000, the aged rate would be $41,000. Calculation:  $40,000 plus 2.5% = $41,000.

If you have purchased our survey in Microsoft Excel format, you can create a formula using the aging factor to simply and quickly age the survey data at any time.  If you don't have the survey in spreadsheet format, maybe now is the time to get it!

CAUTION: Aged data is always an estimate and updated actual survey data should be used whenever available.  Using aged data for prolonged periods will invariably stray from actual survey results over time.

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The annual average weighted rate paid for Accounting Clerk 1 is $27,116

Source: 2013-2014 Middle Tennessee Salary, Wage & Benefits Survey

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