As an organization develops a Total Rewards Strategy, one of the primary categories to consider is the compensation category. For a company to maintain a competitive edge, pay adjustments should be made based on job market fluctuations. As such, it is imperative to know where to begin as an HR professional.
- Discuss the steps needed to make an informed decision about pay adjustments or to develop a pay structure.
- Identify at least one method for gathering valid market data, at least one decision factor associated with collecting market data, and at least one data source.
- Discuss how the chosen data align to make organizational decisions, or potentially hinder progress for an organization.
- Share your experiences in your narrative.
