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Historical data does not provide much value when budgeting for the future.
Market-Pay-Rate Data
Information regarding the average compensation paid for a specific job or skill in the labor market, used by organizations to ensure competitive and fair wage practices.
Compa-Ratio
A metric comparing an individual's salary to the average for their job or level within the organization, indicating relative pay position.
Broadband Pay Structure
A compensation system that consolidates a large number of pay grades into fewer broad bands, offering flexibility in managing employee salaries.
Fixed Interval Promotion
A promotional strategy where employees are moved up to a higher position or salary grade after a specific, preset period.
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