MARKET PRICING
Real time Market Pricing data.
Salary surveys provide a great way to gather competitive market data for effective compensation planning.
MARKET PRICING
Real time Market Pricing data.
Salary surveys provide a great way to gather competitive market data for effective compensation planning.
MktBldr
MktBldr
To ensure your compensation levels are competitive within your defined labor market(s), it is important to collect recent market data. To do so, organizations often participate in a variety of salary surveys. Market pricing is available from professional associations, consulting firms, or internet resources such as Indeed, Glassdoor, CareerBuilder, etc. As an alternative to these “do-it-yourself options, many organizations hire experienced compensation specialists to conduct the market analysis. This assures a professional and credible approach to gathering, screening, and analyzing the data.
It is important to collect market data for a representative sample of jobs across all functional areas and job levels within the organization. f a methodology such as the job evaluation and salary administration system (GradeBldr) has been used to establish the relative internal value of jobs, it is not necessary to then market price every single job; however, it is useful to look at two to three titles in each job group to ensure you have sufficient information to determine an appropriate array of market values. We recommend identifying and utilizing at least four sources when gathering market data.
Many companies want to assess the competitiveness of their total compensation package; therefore, they also conduct an analysis of their benefits and perquisites to see how they compare to local market norms. As appropriate, this might also include a review of incentive opportunities. Once the comparative benefits analysis is complete, and any resulting changes to the benefits package implemented, companies often issue annual total compensation statement to inform staff how much employer-paid and mandated benefits and perquisites add to the value of their compensation package.
Insights you need with customizable reports
- Customize reports based on survey objectives
- Segment results by job role, location, gender and more
- Pay adjustments to market geography
- Integrate historical data to understand trends
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