C17 Market Pricing - Conducting a Competitive Pay Analysis Question and Answers

Surveys that have a higher purchase price

surveys that exclude data from your relevant labor market

Surveys with higher numbers of companies and/or incumbents reported

Compensation, benefits and work-life programs.

Base pay plus short-term variable pay.

Compensation and health care benefits

Setting pay at mid-year anticipated market level

Setting pay below market levels

Setting pay above market levels

Setting pay at current market levels

Any market inequities are built in

Simple to administer

TAkes into consideration the company's perceived value of a job

Legally defensible based on job content.

Provides key competitive information on how the organization's compensation levels compare to the market

Achieves the goal that no employee should leave the organization due to pay issues

Ensures that the organization will always lead the market regardless of financial resources

Averaging

Blending

Extrapolation

Regression

The combination of base pay and long-term incentives

The sum of total cash compensation and benefits

The amount of compensation that an employee receives in relation to their performance

The non-financial aspects of the employment experience

Surveys that have a higher purchase price

Surveys that exclude data from your relevant labor market

Surveys with higher numbers of companies and/or incumbents reported

You can customize the survey to meet your specific needs

You have full control over the survey data and methodology

You can negotiate the survey pricing with the vendor

You may receive a substantial discount if you participate in the survey

Information about each job in an organization

Information necessary to complete the job evaluation process

Principles that guide the design, implementation and administration of a compensation program.

Statement of what the organization believes about how people should be rewarded.

Attracting new employees

Retaining employees

Motivating employees

All of the above

You may receive a substantial discount if you participate in the survey

Data is more reliable because it is self-reported

It can be tailored to meet your needs and specifications

combine into one factor, then age

Age both years first, then subtract the second year

Age on year first, then age the second year

To establish industry-wide salary benchmarks

To determine the salary for a specific job

To provide employee discounts

To enhance survey value

To provide easier job matching

Long-term incentives

Direct benefits expenses

Event tickets

The company's mission and vision statement

Employee training and development

Employee hiring practices

The design, implementation, and administration of a compensation program

Submissions, data accuracy, survey vendor auditing

Survey response rate, survey participant demographics, survey topic relevance

Survey cost, survey methodology, survey timing

Survey participant anonymity, survey vendor reputation, survey incentives

To determine the market rate for a specific job or set of jobs

To evaluate the performance of individual employees

To determine the profitability of an organization

To determine the company's overall financial health

It determines an employee's overall worth to the organization

It establishes the hierarchy of job titles within an organization

It determines which jobs should be grouped together and forms the foundation of the base pay system

It defines the roles and responsibilities of each job within an organization

Data points that are too high compared to the average

Data points that are too low compared to the average

Data points that are within the expected range

Data points that are anomalies in comparison with other data points

Internal pay equity

Employee job satisfaction

External market pricing or competitiveness

Employee engagement