Similar to pavement markings that drivers use to guide them while in motion on the road, salary ranges are necessary to guide pay at organizations. Salary ranges are the boundaries for compensation, and yet, you would be amazed how many organizations do not have them in place. Salary ranges that are fair and equitable can assist in many aspects. Assigning starting pay for a position, moving an employee through a job allowing them opportunities to earn more pay and using the different quartiles to figure out what would be the best way to allocate merit pay are three ways that these boundaries can be a huge benefit for companies. The white paper “Salary Range Boundaries” is below. If you do not have a structure in place or if you feel it is time to review your salary ranges, this is a perfect time.
|Tips and Tools – Reliable Market Data|
Market data is becoming a hot topic as compensation management is moving to the front burner for many organizations. We released an article earlier in the year, In a recent newsletter that was released by World at Work, they released a related article not only addressing reliable market data but also offering tips on how to determine if the information is accurate. If you would like to learn how to identify bad data, please download the article below, “Salary Data Red Alert: Do You Know Where Your Compensation Data Came From?” written by Pawan Singh.