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How do you do salary analysis?
Step 1: Determine the Organization's Compensation Philosophy. Step 2: Conduct a Job Analysis. Step 3: Group into Job Families. Step 4: Rank Positions Using a Job Evaluation Method. Step 5: Conduct Market Research. Step 6: Create Job Grades. Step 7: Create a Salary Range Based on Research.
How do you conduct a competitive salary analysis?
Review your company's current pay rates. Develop detailed job descriptions. Learn to understand labor-market survey statistics. Select surveys for your type of business.
How do you conduct a wage analysis?
Step 1: Determine the Organization's Compensation Philosophy. Step 2: Conduct a Job Analysis. Step 3: Group into Job Families. Step 4: Rank Positions Using a Job Evaluation Method. Step 5: Conduct Market Research. Step 6: Create Job Grades. Step 7: Create a Salary Range Based on Research.
How is competitive salary calculated?
Calculate the median wage. Get to know the market. Weigh the value of the position. Determine how you'll pay. Benchmark salaries.
How do you conduct salary benchmarking?
Select your salary data sources. Apply your compensation philosophy to the data. Determine pay grades. Handle hot jobs or range-busters.
How do you set salary for employees?
Set your upper salary limit by what a particular job is worth to you. Know the market to determine the least you'll pay. Match jobs whose value comes with hours to hourly pay. Match jobs whose value comes in insight or skill to salaried pay.
How do you create a pay structure?
Establish value for each position in your company. Consider your company's competitive posture. Define compensate leverage for your company. Look at external inequalities. Develop a salary structure for your organization.
How do you create a pay scale structure?
Step 1: Establish overall pay range. Determine a company minimum and a company maximum pay. Step 2: Establish number of grades. Step 3: Establish a range per grade. Step 4: Create pay grade chart. Step 5: Review and amend.
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