A process for determining the value of a job relative to other jobs in the organization

A process for setting individual performance goals for employees

A process for calculating bonuses for employees

A process for conducting interviews with job candidates

Market from which an organization draws and loses its employees.

Market from which an organization sources its materials.

Market from which an organization sells its products and services.

Market from which an organization sources its funding.

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You have full control over the survey data and methodology

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Awarded pertains to profit sharing plans while target pertains to performance.

Target represents what was actually paid, awarded represents what would be paid if the plan pays out at expected levels.

Awarded represents what was actually paid, target represent what would be paid if the plan pays out at expected levels.

By taking the average of reported salaries

By taking the median of reported salaries

By using a statistical formula to determine the range

By taking the highest and lowest reported salaries and creating a range

To determine which jobs should be grouped together and form the foundation of the base pay system

To assign grades to non-benchmarked jobs

To determine internal and external equity

To adjust pay rates based on cost-of-living adjustments

Job evaluation and performance management

Job analysis and job documentation

Salary surveys and employee benefits

Compensation strategy and total rewards programs

Convey a different message to different employees

Align with individual goals

Encourage secrecy

Convey a consistent message, align with mission, vision, and business strategy, encourage feedback, follow-up on feedback

5% - 10%

10% - 15%

15% - 20%

20% - 25%

Only financial resources and competitive positioning

Compensation philosophy and culture

Value system and internal influences

External influences, including its relevant labor pool, and its financial resources