The compensation database in Econ Assist is based on the Bureau of Labor Statistic (BLS) data and is broken down by job category, state, region and local areas.
As a professional valuator, there are times you need to normalize an owners compensation to reflect the reasonable compensation. In order to make this adjustment, you’ll need comparable salary data to determine what similar positions are being paid in the industry. The compensation database can be helpful in determining reasonable compensation. This database is not a comprehensive salary survey for CEO’s but does contain data that can be useful to valuators. In many smaller businesses the owner may be doing the job of a manager in that industry and this data is useful for determining what a replacement salary would be. Also, if there are family members working in the firm, this database can be helpful determining if they are receiving fair compensation as well. Many commercial salary databases contain this data and then supplement it with other forms of salary data.
The main Compensation Data screen allows you to select a data set (i.e. pick what year’s data you want to use), a state or territory, an area, a job code of search text.
After searching for “managers” in “New York”, you will see the following categories displayed:
For this example, we selected Construction Mangers to export to Excel. The data range shows the entire compensation curve from the 10th to 90th percentile.