Where did you find salary data for comparable or benchmark jobs?
November 14, 2020 Comments Off on Where did you find salary data for comparable or benchmark jobs? Uncategorized Assignment-help

IntroductionAfter a job hierarchy or structure has been constructed, jobs must be assigned a salary based on the external labor market. This also is called job pricing. Compensation specialists select a relevant labor market and collect salary data for comparable or benchmark jobs in the market. As you have learned so far, decisions are the cornerstone of compensation. This is no different for external market considerations. In this exercise, you have the opportunity of pricing the positions you ranked in the internal structure exercise.DirectionsReview the job descriptions for the four positions in the internal alignment exercise. Next, search the Internet for comparable or benchmark positions with salary data. (Refer to the textbook for search ideas or sources) While job titles are useful, they are insufficient for a valid match. Instead, job descriptions must be compared because job titles can be misleading. Write a 3-4 page analysis with the following points:1. Where did you find salary data for comparable or benchmark jobs? Why did you select it? Explain your decisions with sufficient detail. 2. For each position, what salary statistic did you choose? (Choose a single figure, not a range) Generally, the mean or median is selected. Why did you select the statistic? 3. What is the relationship between the ranked jobs and their salaries? Consider assigning the highest ranked job with a number four, the second highest with a number three, and so forth. Describe with sufficient detail this relationship? Note: consider constructing a scatter diagram. What does this relationship mean for internal alignment and external market competition?