Are you comfortable with your current benchmarking methods and the salary ranges at your company?
Potential employees are more informed than ever about the salaries paid for the same position at multiple companies. To compete for talent, you must be aware of what the market is paying for certain skills and develop fair and reasonable salary ranges in your company.
How to Perform Compensation Benchmarking and Set Salary Ranges provides you a step-by-step guide to benchmarking and setting salary ranges that allow your company's compensation strategy to be transparent and competitive.
Topics covered include how to:
- Select your salary data sources
- Apply your compensation philosophy to the data
- Refine and correct the data
- Determine your pay grades
- Calculate the minimum and maximum
- Handle "hot jobs" or range-busters