Asked by: Clavelina Tilemannasked in category: General Last Updated: 24th June, 2020
What is a market rate salary?
Keeping this in view, what is a market salary?
Definition of Market salary. Market salary means the midpoint in an occupational pay range, based on the average median base salary that other employers pay to employees in comparable occupations as determined by the department's salary survey of the relevant labor market.
Secondly, what is market based salary? Market-based compensation is a method of utilizing market pay data to evaluate an organization's pay levels. Thus, employers can make a position's pay level more or less competitive depending on the organization's compensation philosophy.
Consequently, how do you determine market salary?
To accurately assess your fair market value, start with reliable employer-reported pay data like that found on Salary.com and follow these three steps:
- Match your job description to a benchmark job.
- Assess employer factors.
- Evaluate your performance and compensable attributes.
What is a good salary range?
A good rule of thumb is to keep the lower end of your range at least 10 percent above your current salary, or the number you determine is a reasonable salary for the position. For example, if you currently earn $50,000, you may say that your range is $55,000 to $65,000.