Overview of Market Data

Various job evaluation methods exist as a way to price jobs according to their worth. Market data are a method to price jobs that are externally focused, so you attract and retain workers based on the labor market.

The foundation for any job evaluation method, including market data, is to start with good job descriptions.

You might want to compare your salaries, salary ranges, and other compensation such as bonus or stock to prepared industry-wide data to make sure your compensation is in line with your company’s goals. For example, you might want to make sure you award your people at the 50th percentile of the industry average by job and location. Or you might want to award base pay at a lower percentile but award stock at a higher level.

With market data you map external survey jobs and locations with internal jobs and locations. Then, you import the surveys and use the market data subject area in OTBI to consolidate the data. After you create composites of your survey data, you import these composites. Finally you can display the composites in the worksheet or administer workers in Workforce Compensation.

You can find the market data tasks in the Compensation work area under Market Data.

Here's a diagram that shows you the market data task flow: