Market Data
Human Resources reviews job descriptions and provides departments with market data, broken out by factors such as industry, region, and organization size. Salary information is compared across higher education and other industries to develop the right blend for market pricing. Certain positions are common in the Winston-Salem area, and local wage comparisons suffice. Positions that are less common in the area may rely on state or national market data.
Comparatios (individuals’ salaries, as compared to the market average) are useful for identifying which pay rates fall below the 25th percentile, above the 75th percentile, and within the 50th percentile. Ideally, the majority of pay rates should have room to grow within the market ranges. The target is for staff members to be positioned in their pay range as follows:
- Staff who are new or developing in their position should be paid in the lower third of the range.
- The opportunity, over time, is for staff at the fully proficient level to be in the middle third of the range (at or near the midpoint). These individuals are considered good, solid performers. New staff with a few years of relevant job experience may also be paid in this range.
- The opportunity, over time, is for staff who are fully experienced, high performers to be paid in the upper third of the range. These individuals are considered pivotal performers. Staff with numerous years of relevant job experience may also be paid in this range.
