It is common practice to examine pay trends within the market using benchmark jobs. This requires using a process of matching your job to the benchmark job in order to determine if it is a good comparator. The general rule of thumb is that if the benchmark job matches at least 80% or better, then it could be considered a good match. Thus, the corresponding salary data can be used to determine variances from the market.
It is important not to match jobs on titles only, as the description of the jobs may differ. When you utilize the job matching process ensure that you have enough information relative to the benchmark job, such as reporting relationship and education/experience requirements, in order to determine a good match.
For more information on this topic, please contact Pat Allinson at email@example.com or call (416) 587-5453.
- 19 May, 2016
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