Looking to Benchmark Pay?
Interactive Exercise
In the Interactive Exercise below, you will have an opportunity to see how a salary planning tool such as ERI's Salary Assessor® (SA) uses external market data for salary planning. The Salary Assessor may be used to assess an organization's salary competitiveness. This tool provides detailed median and mean pay range information for more than 17,900 jobs found in 1,100 industries and 9,400 locations. Salary calculations are adjusted for your inputs of geographic area, industry, organization size, employee experience, level, and salary planning date.
Problem Statement:
Plastic Processing Co. of Amarillo, Texas produces a series of plastic molded products. The company's eSIC Code is 3080. Each July 1, the company adjusts wages by granting a standard percentage increase to all employees. Four of the company's most common jobs using 7 years of experience are used as benchmarks for pay grades:
| Job Title | Current Median Salary |
|---|---|
| Chemist | $98,500 |
| Chemical Operator | $59,600 |
| Chemical Process Helper | $48,100 |
| Chemical Processing Laborer | $49,300 |
It's now January 1. Jane, the Human Resources Director, has started looking for information to determine the amount of this year's July 1 increase. She'll use SA to find the median market rate and market index for these positions. Press the Load Step-by-Step button to follow along with her research.