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Evaluating employee performance

Identifying industry benchmarks

Setting employee goals and objectives

Establishing the corporate vision and mission

To determine which jobs should be grouped together and form the foundation of the base pay system

To assign grades to non-benchmarked jobs

To determine internal and external equity

To adjust pay rates based on cost-of-living adjustments

Salary increase

Promotion

Flexible work arrangements

Performance bonus

Statement of what the organization believes about how people should be rewarded.

Statement of what the organization believes about its products and services.

Statement of what the organization believes about its competitors.

Statement of what the organization believes about its customers.

Collecting information about the company's financials

Identifying the company's best and worst employees

Benchmarking against competitors' pay practices

Conducting internal surveys of employee satisfaction

Conducting a job description audit

Collecting job analysis data

Developing a job description and job specification

Creating a job evaluation plan

To establish industry-wide salary benchmarks

To determine the salary for a specific job

To provide employee discounts

To enhance survey value

To provide easier job matching

Increased survey participation

Improved data accuracy

Faster survey completion time

Lower survey costs

Lead

Lead-lag

Lag.

Lag-Lead

Job evaluation method

Market pricing method

Point factor method

Maturity curves