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Human Resources » Compensation & Benefits


Chrm Message From: anujjain Total Posts: 46 Join Date: 01/01/2007
Rank: Executive Post Date: 20/01/2007 01:38:33 Points: 230 Location: United States

Hello Colleagues,

I have been an HR Manager for a while, but I'm pretty new to the compensation field. Could someone with expertise in this field give me some ideas on how many sources of salary survey data most compensation analysts look at when market pricing salaries at their companies? Also, how often should I be looking to update the data I'm relying on?

Regards
Anuj

Chrm Message From: johnn Total Posts: 28 Join Date: 01/01/2007  
Rank: Executive Post Date: 20/01/2007 01:44:48 Points: 140 Location: United States

I personally rely on at least 3 sources at the national and local level to price the salary ranges of each position. I also take into consideration a few other factors. I check with the local collages to see how many will graduate in the particular field I'm pricing that calender/fiscal year. If its a position that requires a licence or certificate I check with the state to see how many are actually licenced or have been certified. The more competitve the position is going to be, influences my descision on the salary range. How often you look to update is really driven by how often your market changes and by how often the staff is reviewed. I check just to make sure I am on the right track right before annual reviews. If there are big changes I adjust my ranges. One of my positions is very competitve and I have to make sure I keep up so I may look at it biannually. Hope this helps a little.

Best of Luck !!!

John

 
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