HIT Consultant Insightful coverage of healthcare innovation
> Payscale, Inc > How to Perform Compensation Benchmarking and Set Salary Ranges
 

How to Perform Compensation Benchmarking and Set Salary Ranges

White Paper Published By: Payscale, Inc
Payscale, Inc
Published:  Jan 16, 2014
Type:  White Paper
Length:  10 pages

Are you comfortable with your current benchmarking methods and the salary ranges at your company?

Potential employees are more informed than ever about the salaries paid for the same position at multiple companies. To compete for talent, you must be aware of what the market is paying for certain skills and develop fair and reasonable salary ranges in your company.

How to Perform Compensation Benchmarking and Set Salary Ranges provides you a step-by-step guide to benchmarking and setting salary ranges that allow your company's compensation strategy to be transparent and competitive.

Topics covered include how to:

  • Select your salary data sources
  • Apply your compensation philosophy to the data
  • Refine and correct the data
  • Determine your pay grades
  • Calculate the minimum and maximum
  • Handle "hot jobs" or range-busters



Tags : 
salary benchmarking, salary range, pay grades, compensation philosophy, compensation strategy