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Mastering Market Data: Strategies for Obtaining and Analyzing Labor Market Information

This presentation explores the various methods for obtaining and analyzing market data, including conducting custom surveys, purchasing surveys, and participating in sponsored surveys. It also covers the factors to consider when deciding to obtain market data, such as cost, time, reliability, confidentiality, and availability. The analysis of survey data, selection of benchmark jobs, and analyzing data and building model structures are also discussed.

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Mastering Market Data: Strategies for Obtaining and Analyzing Labor Market Information

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Presentation Transcript

  1. Mastering Market Data Presented to NPELRA April 15, 2002 Bruce G. Lawson, CCP Fox Lawson & Associates LLC (602) 840-1070

  2. Determining Market Position • Considerations in obtaining data • Alternative survey analysis methods • Sources of data • Conducting custom surveys • Survey data analysis

  3. Reasons for Obtaining Data • Pricing jobs • Trend analysis • Pay practices • Special Purposes

  4. Alternatives • Purchased surveys • Participate in sponsored surveys • Custom third party surveys • Conduct your own custom survey

  5. Decision Factors • Cost • Time • Reliability • Confidentiality • Availability

  6. Definition of the Labor Market • Local • Regional • National • Industry • Function • Size • Varies by level/job type

  7. Conducting Surveys • Select benchmark jobs • Select organizations to be surveyed• Type• Size• Number • Gather information • Analyze data and build model structure(s) • Report results to participants

  8. Selecting Benchmark Jobs • Jobs should be matchable (Police Officer, Fire Fighter) • Jobs should reflect large numbers of employees within the organization when possible • Jobs should reflect a cross section of occupational groups or job families • Jobs should cover all hierarchical levels within the the group of jobs under study • Job should be clearly defined

  9. How Many Surveys • Purpose of the survey• Determine structural pay practice• Price specific jobs/functions • Organizational culture• Market competitiveness• Internal relationships • Type of jobs• Benchmark or non-benchmark • Reliability of data

  10. Survey Participants • Organizations that compete with your organization for employees (recruit from and lose to) • Employers that reflect the general labor market(s) in which you compete for personnel

  11. Survey Participant Guidelines • No less than 50% of the size of your organization • No more than 200% of the size of your organization • Organizations that serve similar populations (both in terms of size and community character) • Organizations that have similar economic bases

  12. Survey Participation • Number of participants will depend on the number of labor markets and the number of jobs being surveyed • Who are your competitors • Consideration should be given to number of potential non-respondents • 10 or more actual participants, although all jobs may not have 10 data points

  13. Analysis of Data • Statistical measures• Average• Place in market• Percentile • Updating or trending data • Your position versus the market• Job to job• Jobs by grade (Internal Equity) • Overall trend comparison

  14. Analysis of Data • Regression Analysis• Line of best fit by job family or whole structure • Predicts market pay rate corresponding to job evaluation level• Produces two values which are utilized in equation to calculate predicted pay rate, given a job evaluation rating

  15. Analysis of Data • Regression Analysis • By plugging-in any job evaluation rating into the equation, the predicted pay for that level can be determined • Pay rate = (job evaluation rating times the x-coefficient value) + constant value • This predicted pay rate then becomes the anchor-point for new salary structure (i.e., midpoint of structure)

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