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MARKET SALARY INCREASE APPLICATION Before completing this application, please review the Market Salary Increase Guidelines located on the Faculty Advancement home page. Name Department Rank Check
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How to fill out market or equity salary:

01
Research industry standards: Begin by researching the current market rates for similar positions in your industry. This will help you determine the competitive salary range for the position you are looking to fill.
02
Consider internal factors: Take into account any internal factors that may impact salary, such as the company's budget, previous compensation practices, and any salary compression issues within the organization.
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Evaluate job responsibilities and requirements: Assess the specific job responsibilities and requirements to determine where the position falls within the salary range. Consider factors such as the level of experience required, the skills and qualifications needed, and any unique aspects of the role.
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Analyze employee performance: Assess the performance of the employees already in similar positions within your organization. Consider factors such as their level of experience, job performance, and any additional responsibilities they may have. This will help ensure fair compensation across the board.
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Seek external market data: Utilize external salary surveys or consult with industry experts to gather additional market data. This information can provide further context and help validate your salary recommendations.
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Determine the salary structure: Consider whether you want to establish a single salary figure or a salary range for the position. A salary range can provide flexibility and accommodate various levels of experience and qualifications.

Who needs market or equity salary?

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Organizations: Organizations of all sizes need to establish market or equity salaries to attract and retain top talent. By offering competitive compensation packages, companies can ensure that they remain competitive in the job market.
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Hiring managers and HR professionals: Those responsible for hiring and compensation decision-making need market or equity salary information to make informed decisions. This includes ensuring that salaries align with industry standards while considering internal factors such as the company's budget.
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Employees: Employees benefit from market or equity salary practices as it ensures fair compensation for their work. By knowing the market value of their skills and qualifications, employees can negotiate better salaries and feel valued within their organizations.
In conclusion, understanding how to fill out market or equity salary involves conducting thorough research, assessing internal and external factors, and considering job responsibilities and employee performance. This process is essential for organizations, hiring professionals, and employees to ensure fair and competitive compensation practices.
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Market or equity salary refers to the compensation paid to employees based on the current market value of their skills and experience.
Employers are required to file market or equity salary for their employees.
Market or equity salary can be filled out by entering the relevant compensation information for each employee in the designated forms or software.
The purpose of market or equity salary is to ensure that employees are fairly compensated based on their skills and market value.
Market or equity salary must include details of the employee's compensation, such as salary, bonuses, and any other forms of remuneration.
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