The Practical Guide to Human Resources Management defines pay structuring as a process that determines pay levels for jobs, levels of jobs and categories of jobs.
The Guide goes on to say that pay structures have the following benefits:
One of the ways you can use to make sure you're paying competitive salaries is to conduct market remuneration comparisons.
How do you do this?
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There are three ways to conduct market remuneration comparisons
For the purposes of this article, we'll focus on remuneration surveys, more specifically the four types of surveys you can use.
Use these four types of when evaluating pay structures in your workplace
#1: Executive surveys deal exclusively with top and senior managerial positions. They'll give you more detailed information in terms of the remuneration packages than other surveys.
#2: General staff surveys. These surveys identify certain common benchmark jobs and provide market data on these positions.
#3: Job evaluation surveys are specifically designed for companies using one of the national job evaluation systems. Examples of these job evaluation systems are Paterson, Peromnes TASK AND Hay.
#4: Industry surveys provide information on jobs specific to certain industries and companies within that industry.
Knowing about the different types of remuneration surveys will help ensure your pay structuring process runs smoothly.
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