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Determine a Market Salary for a Job.
Why do I do this?
Market salaries can be used to:
[See also natrem.com.au/salary-policy and natrem.com.au/grades]
To convert job points to a market salary, formulas based on the results of salary surveys are used. These formulas convert the points into a market salary in the particular employment market covered by the survey. Sets of formulas can be determined for different markets to reflect the variation in salary levels among markets.
Each set consists of twelve formulas that give first quartile, median and third quartile positions in the market for Base Salary, Total Remuneration, Total Remuneration Cost and Fixed Annual Remuneration based on a job's evaluation points. As an example, a plot of the Base Salary formulas might appears as follows:
Here we will examine the conversion of the job evaluation points for a single position to a market salary.
The salary formulas to do this:
(a) Can be obtained from a relevant NRC survey by:
(i) Importing them into Jobscore automatically.
(ii) Entering them into Jobscore manually.
(b) Can be a Jobscore points compatible formulas prepared by the user, based on the user's own analysis. Such formulas can be entered into Jobscore manually.
In the above, (a) is provided for those NRC surveys to which the user has subscribed at a job-evaluated level.
Steps to input/access formulas:
(a) Where formulas are to be imported into Jobscore from the results of a NRC salary survey. How do I do this?
(b) Where formulas are to be entered into Jobscore manually from ther results of of a NRC salary survey, the steps to do this are:
This will allow all evaluations within Jobscore to be converted to a salary level in the market covered by the chosen NRC salary survey or user-defined data.
Other aspects:
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