Market Analysis and Setting Wages

Market Analysis and Setting Wages - MARKET ANALYSIS AND...

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MARKET ANALYSIS AND SETTING WAGES
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MARKET ANALYSIS
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General Primarily accomplished through wage and benefits surveys Some surveys seek only wage information, others both wage and benefits information Significant aspects – Planning the survey Conducting the survey Analyzing the data Summarizing information
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Planning the Survey What is the purpose of the survey? To make wage adjustments To assess markets for certain jobs To assess the entire compensation structure Which jobs should be included in the survey? Usually focus only on key jobs What markets should be surveyed? Labor market Product market Geographic area
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Planning the Survey (continued) What information is necessary? Wages Benefits Incentives Starting rates Minimum, maximum, average rates Number of employees holding job Number of employees earning each rate Background about company Other
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Planning the Survey (Continued) Should the survey be tailored? Tailored surveys provide more relevant and specialized information General or off-the-shelf surveys are easier, and can provide more comparative information What should the survey schedule contain? Generally consists of at least two parts Information about the company Information about the specific job The second part is repeated for each key job
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Sample General information about the company Number of employees e Under 100 L100-500 Industry e Manufacturing —Finance/Services e Retail LHealth iResearch ± Development e Education LOther For Profit/Non-Profit e For Profit ²Not for Profit Sector e Public LPrivate
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Sample (Continued) Specific job information Bank Teller (Grade 21) Handles customer financial transactions, including cashing of checks, deposits, and withdrawals. Operates computer terminal No. employees Wage ($/hr.) Clerk (Grade 22) Simple clerical work, sorting, filing, processing orders. May type labels and forms or add figures on a machine. Not a real typist No. employees Wage ($/hr.)
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(Continued) What survey method should be used? Interview
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This note was uploaded on 03/14/2011 for the course MGMT 4953 taught by Professor Staff during the Spring '11 term at Arkansas.

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Market Analysis and Setting Wages - MARKET ANALYSIS AND...

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