Salary Benchmarking
External Comparison
Given a standard measurement scale, compensation lines are directly comparable with one another. Consultants facilitate this process by publishing the industry and market practices of compensation. Thus in the same way that an organization can compare practices among departments within its own structure, it can compare with different industry segments outside the organization.
To compare the company’s salary practice lines with other companies, job evaluation Point Factor method is used as the common basis for job sizing, and the following chart can then be produced:
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