All organizations must be able to attract, retain and motivate employees to carry out the corporate mission. Inherent in this is a competitive pay posture that will accomplish these goals without "giving away the store."
In determining a competitive pay posture, two areas must be considered.
Base salary is reviewed internally to determine the degree of equity and consistency.
? External Market:
Actual salaries are compared to the competitive labor market. This labor market typically is the local area for Hourly and Office jobs and increases to the national or international arena for upper level and management jobs.