Survey sources are identified.

A limited sample size.

Aggregate data is trimmed.

Data in aggregate values

Data in individual values

Data in summarized form only

Data in narrative format only

Estimating the change in market rates for jobs based on scope data

Determining the market rate composite from several survey sources

Determining the premium for a hybrid job

Customer information

Financial information

Information related to individual employees

Marketing materials

No. of months to age x annual aging factor

No. of months to age/12 months

No. of months to age/12 months x annual aging factor

Annual aging factor x 12 months

General information and vague messages

Inaccurate information and specific messages

Accurate information and vague messages

Accurate information and specific messages

By aligning with the organization's business strategy

By using a standardized approach for all employees

By offering the highest salaries in the market

By providing only monetary rewards

By using a complex compensation structure

Employee engagement data, company revenue, market share

Job pricing worksheet, market index of competitiveness, graphic representation

Employee turnover rates, training hours, safety record

Customer satisfaction data, product quality metrics, innovation metrics

The process of allocating emphasis to a particular job and combining two or more salary surveys.

The process of using market rates for two or more jobs to establish a market rate for a single hybrid job.

The process of analyzing a blend of data (scope, industry, location, etc.) to determine worth of a position.

Conducting own survey only

Custom third-party surveys only

Published surveys only

Both conducting own survey and custom third-party surveys

Pay philosophy, job tenure, variations in responsibility

Job title, geographic location, industry sector

Company size, job level, education level

Age, gender, race

Compensation structure

Job description

Performance evaluation

Employee benefits

Compensation philosophy

Setting pay below market levels

Setting pay above market levels

Setting pay at year-end anticipated market level

Setting pay equal to current levels at the beginning of the year

markets which exclude geographic location and organizational size

Labor market(s) against which the organization must equal its pay levels

Market(s) from which an organization draws and loses its employees

Labor market information that is generally applicable only to the manufacturing sector

Job evaluation method

Market pricing method

Point factor method

Maturity curves

Setting pay at current market levels

Setting pay above market levels

Setting pay below market levels

Setting pay at year-end anticipated market level

Setting pay at mid-year anticipated market level

Setting pay below market levels

Setting pay above market levels

Setting pay at current market levels

Collecting information about the company's financials

Identifying the company's best and worst employees

Benchmarking against competitors' pay practices

Conducting internal surveys of employee satisfaction

May be difficult to obtain data, may not be aligned with internal equity, not defensible on job content basis, may be overly time consuming

Simple to administer and update for currency, responsive to the market, not overly time consuming compared to other methods, high degree of transparency

Does not consider market rates, limited in accuracy, subjective, not useful for large organizations

May not accurately reflect job value, subjective, may not be useful for small organizations

A job that is critical to the organization's success

A job that is used to determine the market rate for similar jobs

A job that is used as a model for performance evaluations

A job that is used to set the maximum pay level for all employees

You can customize the survey to meet your specific needs

You have full control over the survey data and methodology

You can negotiate the survey pricing with the vendor

You may receive a substantial discount if you participate in the survey