There’s no shortage of salary information for both employees and employers at this time. At this point, most employers recognize the importance of using market data to inform their pay practices. But paying people the right way involves more than getting market data and lining up employees’ salary to the market. To ensure that your pay practices serve your talent strategy and business goals, you’ll need to go a few steps further.
The best way to optimize your comp spend is to take market data and turn it into salary ranges for your jobs. Salary ranges are the essential guardrails for decision-making: They help you decide how much you’re willing to pay for new hires, how you plan to reward existing talent – while keeping your goals and budget in check.
In this guide, we’ll show you how to select the right market data that fits your business and apply the data to create salary ranges. Download this whitepaper to learn:
- Why a smart compensation plan involves more than using market data
- How to create salary ranges and implement them
- Rules of thumb for moving employees through the range
- When to adjust your ranges