Salary Survey Data Use
MNHRPRO
12 Posts
When you are trying to establish a salary range for a position, which portion of a salary survey do you use:
1) weighted means base salary
2) unweighted means base salary
3) base salary (P10,Q1,Q2,Q3,P90)
4) the range that's provided based on the data returned (minimum-mid-maximum)
If you use the weighted or unweighted means, or base salary, do you use it as the minimum salary or the mid-point?
Finally, what is your compensation range spread? Ours is 35% from minimum to maximum for non-exempt positions and 50% from minimum to maximum for exempt positions.
Thank you for your help!
1) weighted means base salary
2) unweighted means base salary
3) base salary (P10,Q1,Q2,Q3,P90)
4) the range that's provided based on the data returned (minimum-mid-maximum)
If you use the weighted or unweighted means, or base salary, do you use it as the minimum salary or the mid-point?
Finally, what is your compensation range spread? Ours is 35% from minimum to maximum for non-exempt positions and 50% from minimum to maximum for exempt positions.
Thank you for your help!
Comments
A good safe start may be to keep your own company's average wages at a number that is close to the average of what you find, but if your company is highly competitive or believes in lucrative wages, you would need to think richer. Likewise, you can break the bank for your company if the opposite is true (your industry is not so competitive or your company provides benefits in the compensation pkg 'in lieu of competitive wages').
What has your company's history been, and how's your turnover. If you aren't doing an exit interview, try one to determine if workers are leaving because of wages. Also, see if your state tracks wages by region or district. They may have some reliable info for you.
best wishes