Developing a Competitive Salary Structure
There are eight major steps towards developing a market-based salary structure: 1) Participate in three or more salary surveys including the desired industry, location, and jobs. 2) Collect internal data and salary survey results. 3) Identify and match benchmark internal jobs to external marketplace using job documentation.
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downloads.erieri.comThe process of defining a job is called job analysis. The information obtained in job analysis is recorded in the precise language of a job description. There are several job evaluation methods from which to select. The most prevalent one, the Point Factor Plan, uses a quantitative approach that will be explained in this guide.
How to Develop an Organization Pay Policy
downloads.erieri.comthe salary survey data to the current date and then apply the new salary structure. If a change in the labor market of 10% is assumed for the next year, then the only time the organization will be competitive with the market is at the beginning of the year. By the end of the year, any decisions based upon the salary structure will be 10% behind the
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Common Compensation Terms & Formulas
downloads.erieri.comMarket pricing is a job evaluation methodology that creates a job-worth hierarchy based on the ... market competitive, fair, and equitable salaries based on the competitive marketplace for a business. Salary Range (Employee Placement) ... salary structure adjustments are approximately 1% below the market movement of base salaries.
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