Looking to Benchmark Pay?
Interactive Exercise
Problem Statement
You are the HR director for Gomez Construction, a regional construction company with offices in Richmond, Baltimore, and Philadelphia. The office manager for the Philadelphia office has approached you with a request to increase the salary of Mr. Tony Martinez, a finance project manager. Mr. Martinez is currently being paid an annual salary of $125,500. He believes that he's receiving less than the market rate for his job.
The firm's compensation policy is to set a pay range for each job with a range minimum at the 25th percentile of the local market rate and the range maximum at the 75th percentile of the market. Progression through the range is based on performance
From his personnel file, you see that Mr. Martinez has 10 years of experience and his performance evaluation indicates that he's been rated in the 75th percentile for the past 3 years.
Objectives:
- Determine the market rate for the job.
- Determine the employee's pay rate within the range.
We'll now demonstrate, step-by-step, how to use ERI's Salary Assessor to meet these objectives.
Instructions
Press the Load Step-by-Step button to follow along with this analysis. You may wish to print out this PDF tutorial (which will open in a new window).
After you have read this PDF, press the Next button to try your hand at using this research tool.