In today's tight labor market, competitive pay is critical to compete
for and retain talented employees. Professional job market pricing is the careful
analysis and pricing of comparable jobs based upon company size, industry type
and geographical area. Employers need to know the market base pay and average
total compensation for a particular job. In today's world of tight merit
increase budgets it is important that human resource and compensation professionals
be right the first time because being wrong can cost your company valuable
talent and critical skills that will make a difference in your organization's
success.
The Human Resource Department (THRD) can provide job market pricing utilizing
current, reliable survey data to define the value of your jobs in the relevant
marketplace, local, regional or national, domestic or international. THRD uses
a variety of the most reputable salary surveys as well as specialty surveys
if needed. Shown below are some of the survey resources that are regularly
used.
Resources for Job Market Pricing
Abbott-Langer and Associates Inc.
Department of Labor-Bureau of Labor Statistics
Economic Research Institute (ERI)
Chamber of Commerce - national and states
Society for Human Resource Management (SHRM)
Watson Wyatt Data Services (ECS)
Many other industry and/or profession specific surveys
You will receive
the market pricing results for each job summarized in a spreadsheet report
and delivered with a written analysis and consultation to discuss the results
including guidance in assigning the positions within your salary grade/range
structure based on the market pricing and comparable job worth. At The Human
Resource Department, our depth of experience in sensitive and complex compensation
issues enables us to provide you a multitude of services to help you in compensation
decisions and planning.
