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CHAPTER 8: DESIGNING PAY LEVELS, MIX AND PAY STRUCTURES (DESIGN THE SURVEY…
CHAPTER 8: DESIGNING PAY LEVELS, MIX AND PAY STRUCTURES
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DESIGN THE SURVEY
How many employer? - No firm rules, publicly available data
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Which jobs to include? - Bnechmark-job approach & Low-high approach, Bnechmark convesion/survey levelling
What information to collect? - Organization data, total compensation data
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THE PAY POLICY LINES
Choice of measure, Updating, Policy line as percent of market line
GRADES AND RANGES
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Establish range midpoints, minimum, and maximums
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BROAD BRANDING
Involves collapsing salary grades into a few broad bands, each with sizable range
Takes 2 steps: Set the number of bands, Price the bands
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MARKET PRICING
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Obejctive: To base most of the internal pay structure on external rates, breaking down the boundaries between internal organization and external market forces
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