Effective Market Pricing And Merit Increase Planning
Market pricing a job is the process of determining a position's external value and detailing it’s pay range. For many companies including technology and high-growth startups, this is the standard method for establishing competitive pay strategies. The process is necessary as it provides a basis for reviewing and evaluating internal compensation policies in comparison to market rates.
A pay structure begins with market pricing that is comprised of base pay ranges, each identified by a grade number. Each pay range consists of a minimum, a midpoint, and a maximum that progresses in a predictable and orderly manner. Pay adjustments occur on a scheduled basis and reflect the movement of the relevant marketplace. Merit increases are pay adjustments provided based on work performance. The combination of market pricing, pay structures, pay adjustments, and merit increases provides the basis for the remaining elements of a total rewards program. FutureSense provides expert guidance that helps you utilize your budget more efficiently, deliver more competitive pay, and help you reward your company’s top talent.
Let us show you what Effective Market Pricing And Merit Increase Planning can do for your business.
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Our Process
Step 1:
Discover
Clarify the intentions, goals, and capabilities of the company and build the foundation for the solution.
Step 2:
Design
Detail the features and critical elements of the solution, and deliver the final plan overview.
Step 3:
Deliver
Ensure the company knows how to manage and measure the success of the solution. Provide communications and modeling for participants.
Step 4:
Evolve
Provide ongoing support for questions and adjustments during the initial year after delivery.
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