Looking to Benchmark Pay?
This exercise is available to Assessor subscribers only.
Now it's your turn to solve a real-life problem!
If you have a subscription to ERI's Salary Assessor (SA), analyze the following problem:
Problem Statement
Stout Construction, Inc., eSIC 1500, is a $100,000,000 company located in Albany, New York. The company has a salary structure with these five levels.
Benchmark jobs are as follows:
| LEVEL | JOB TITLE | AVERAGE ACTUAL PAY | RANGE MID-POINT | AVERAGE EXPERIENCE |
|---|---|---|---|---|
| 1 | Carpenter Helper | $46,300 | $52,500 | 2 |
| 2 | Cement Mason | $68,900 | $76,500 | 5 |
| 3 | Carpenter (Gen/Maint.) | $79,800 | $80,000 | 6 |
| 4 | Construction Technologist | $85,500 | $81,500 | 7 |
| 5 | Carpenter Supervisor | $105,600 | $97,500 | 10 |
To attract employees from Massachusetts, your company's policy is to set salaries at 5% above the market median.
Exercise Question
Using ERI’s Salary Assessor, find out which of these jobs’ pay structure and actual pay you will need to adjust upward using a planning date of January 31, 2027. (SA is projecting out so numbers may not match exactly.) Use the range midpoints and average actual pay to compare with the median market levels to make company policy pay adjustments.