HRC conducts external market pricing to ensure our clients are competitively positioned to compete for talent in current and future labor markets, and to ensure their internal compensation structures are strategically aligned to the overall goals of the business organization in order to build a stable, dedicated and high performing workforce. HR Consultants develops external market rates of pay for benchmark job titles using valid survey sources to support both external and internal equity and establish a consistent, market/competency-based compensation structure.
External market pricing is conducted to calculate the base rate of pay being offered by our client’s competitors for specific jobs performing similar roles and essential functions. Knowing what the competition or comparable organizations are willing to pay is a crucial piece of information when setting the client’s base rate of pay to attract and retain key talent. HRC employs ‘best practice’ methodologies by balancing internal job evaluation with the external market pricing in order to do the best job possible in reconciling sometimes conflicting influences.