Many employers look first to the external market to establish and benchmark their own compensation levels. Even employers that use a formal job content evaluation approach examine external market data as a part of the process, although the information collected is supplemental, rather than a primary focus.
An organization’s internal job worth hierarchy is influenced by the value of jobs as established by the external market. Regardless of the job evaluation approach taken, the successful use of market data relies upon the techniques used to collect and analyze the data. Is the organization capable of collecting data on most of its jobs? Are the data sources reliable? Are the sources representative of the relevant labor markets? What is the best way to analyze and use the data collected?
You’ll learn:
- Learn about market pricing and the terminology associated with market pricing.
- Explore the advantages and disadvantages of market-based job evaluation and pay structure design.
- Identify and describe the steps involved in market-based pay structure design.
Originally recorded on May 29, 2019.
Andrew joined Fidelity in 2019. Prior to that he was the National Compensation Practice Leader at Marsh & McLennan Agency. He supports a group of clients with responsibility for developing and managing projects and relationships across the breadth of Fidelity's Rewards Practice core service areas.
His 25-year career has included a blend of experience working in compensation and benefits in both the corporate as well as the consulting environments. On the corporate side, he has held leadership positions at Hasbro, CVS, Biogen, Haemonetics and Achillion Pharmaceuticals. He has also worked as a senior consultant at Aon Hewitt and Watson Wyatt (now Willis Towers Watson).
Andrew specializes in assisting clients with Total Rewards strategies, long- and short-term incentives, recognition programs and broad-based compensation. In addition to his consulting responsibilities, Andrew is a faculty member for WorldatWork and is also an Adjunct Faculty at San Diego State University.
He has a bachelor’s degree in political science and history from Hartwick College and a Master's in labor and Industrial Relations from The University of Rhode Island.
