How does market data influence compensation benchmarking?

  • It assists in team building activities
  • It guides employee performance evaluations
  • It helps determine salary ranges based on industry standards
  • It provides insights into employee morale
Market data is crucial in compensation benchmarking as it helps determine salary ranges based on industry standards. This ensures that an organization's compensation is competitive and aligned with the market, aiding in attracting and retaining top talent.
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