Problem: 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, I t 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.