Reliable Market Data: Does it Still Exist and Where?

Reliable Market Data: Does it Still Exist and Where?

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Today, with all of the legislation that has been passed to protect employees and provide fair compensation practices, point-factor analysis is becoming the trend again like it once was in the past. Establishing internal equity is vital in your compensation structure. However, market data still needs to be part of the mix. So what is the problem you may ask? The problem is that data is becoming harder and harder to find and less reliable when you do find it. Organizations such as, a company that has been in business for 25 years, will no longer offer subscriptions to obtain market data. They mentioned that "with the number of new pay data sources on the web" and with the "increasing difficulties in securing permission to utilize surveys, compile data and offer it in an aggregate fashion". They can no longer support the offering. This information all leads up to the question: Does reliable market data still exist, and if so, where?

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The OFCCP on Compensation:

Darrell Allen, Assistant Director of the OFCCP for the SWARM Region, said, "I feel like the OFCCP missed the boat on compensation." At our local ILG meeting, Darrell went on to talk about the future hot topics to expect for their focus areas: "Compensation, compensation, compensation". There are many items that the OFCCP will be analyzing in regard to this issue. Payroll data, termination data, applications, resumes, offer letters, pay increase data, employee personnel files and compensation and employee computer based data are the ones that were mentioned. Regardless, if  your organization is a Federal Contractor and there is not a formalized structure in place allowing you to perform analyses on pay data, this is the time to consider moving in that direction.

Arkansas ILG March Overview

April 2010 Edition
Newsletter Spotlight
Download our free white paper: "Reliable Market Data: Does it Still Exist and Where?"

Who is DBSquared and
what is DBCompensation?

DBSquared™ is a provider of world-class automated solutions that support Human Resources. At DBSquared, we offer a job evaluation and salary administration program, DBCompensation™, and the methodology behind the system has been used since 1985. This system offers an electronic job description writer and job rating system that are integrated, which is a key factor in job analysis. The job rating system utilizes fifteen factors to determine job value and establish internal equity. DBCompensation is a great tool to assist your organization with EEOC and OFCCP compliance. Please call to learn more or for a free quote.

Compensation Management:
What questions do I need to ask when looking for a system?
  1. Will this process integrate my job descriptions and job ratings to ensure that the measures used to value the position are essential for performing the job?
  2. Is the job rating process objective? Does one person decide the value of a position or can we acquire multiple inputs to make it less subjective?
  3. Does the system perform regression analysis so that I can easily determine pay inequities and be compliant with the latest guidelines?
  4. Are there ways I can integrate market data to make the structure not only internally equitable but also externally competitive?
  5. Will the system provide a way for upper management to make educated pay decisions based on actual data and not just guesswork?