Written by Daniel Garcia
May 4, 2021
Finding an accurate salary market price for a job is always easier said than done. Tools like CompAnalyst® Market Data are a great place to find reliable market data, but how you utilize these tools is equally as important.
As I’m sure you’ve seen before, just because a job at your company has the same job title as a job at another company, that does not mean they have the same responsibilities. So, while finding a salary based on a job title may seem like the easiest thing to do, market pricing based on a job description that reflects your company’s role provides the most accurate compensation assessment.
A SEAMLESS JOB DESCRIPTION & PRICING PROCESS
Intertwining your job description management and market pricing processes kills two birds with one stone:
With these two stones down, your process starts to produce additional benefits and provide simple solutions to questions like:
Are your jobs changing due to the “new normal”?
Some jobs at your organization could have changed dramatically. A unified process gives you a place to create and collaborate on job descriptions while involving key stakeholders in your organization within a single tool. With tools like Salary.com’s CompAnalyst+JobArchitect, you get a central command center where your organization can go to find job details, compensation information, and more.
Need to get an offer letter out the door quickly?
Many companies are fortunate to be growing and need great talent. Having accessible job descriptions in a compensation management tool lets you get a salary range for a job in seconds. Based on your company job description, tools like CompAnalyst Market Data intuitively find job matches within an HR-reported database of over 15,000 unique jobs.
Want to keep your key employees?
First you need to identify your key employees and review where they stand versus their internal colleagues and the market rates. With advanced integration comes advanced reporting. Reports that deliver easy to find answers help communicate how your employees can grow internally and compare jobs within your job families. This lets you define the skillsets and qualifications it takes to progress to the next level so you can communicate a clear career (and compensation) path to your employees.
Want a cost-effective tool to help you unite your compensation and job description management process? Book a demo of CompAnalyst+JobArchitect to see it in action.
Download our white paper to further understand how organizations across the country are using market data, internal analytics, and strategic communication to establish an equitable pay structure.