Once you've finalized your internal requirements, you'll want to look out to market to select a relevant data source for your business. The first step in this process is to define your internal position, documenting the key job requirements and attributes in a job description. When pricing a new position, it's critical to understand not only the key attributes of the positions you're trying to price, but also how you'll be sourcing the data necessary to conduct an accurate market assessment and salary comparison. ![]() While salary benchmarking is a critical part of the annual compensation cycle, it is ultimately only as good as the data - and the process - through which you benchmark. ![]() In today's competitive talent landscape, benchmarking allows you to assess how you're positioned relative to market, enabling you to make smart pricing decisions that enable you to attract and retain top talent. Salary benchmarking helps your organization to ensure that your internal pay rates remain competitive within your local pay markets. ![]() Salary benchmarking, also called compensation benchmarking, is a process by which compensation professionals match internal jobs and their descriptions to similar jobs and descriptions in a salary survey or other source of market pay data, in order to identify the market pay rate for each position.
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