Conduct a Market Analysis Salary Surveys
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Next, we must compile the information needed to draw an external wage curve for our jobs, based on what other employers are paying for similar jobs. Salary surveys—surveys of what others are paying—play a big role in pricing jobs. Employers use salary surveys in three ways. First, they use survey data to price benchmark jobs. Benchmark jobs are the anchor jobs around which they slot their other jobs, based on each job’s relative worth to the firm.
Second, employers typically price 20% or more of their positions directly in the marketplace (rather than relative to the firm’s benchmark jobs), based on a survey of what comparable firms are paying for comparable jobs. Third, surveys also collect data on benefits like insurance, sick leave, and vacations for decisions regarding employee ben...
