General Business BUS206 Lecture Notes - Lecture 8: Frequency Distribution, Central Tendency
22 Sep 2020
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Interpret survey results and construct a market line (cont. ) Aging or trending refers to the process of updating pay data to forecast the competitive rates for the future when pay decisions will be implemented. Adjust survey data to represent pay at the current or future date when. Survey data represents pay at the date it was collected pay decisions will be implemented. Approaches to constructing a market pay line: Two parts of the total pay model: From market pay line to pay policy line. Aging the market data to a point halfway through the plan year is called lead/lag. Specify a percent above or below market line an employer intends to match. Lead for some job families and lag for others. Offers flexibility to deal with pressures from external markets and differences among firms. Differences in quality among individuals applying for work. Differences in the productivity or value of these quality variations.
