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Job Market Ranges

Job Market Ranges. What’s the purpose of a JMR?. To override the grade minimum, midpoint, and maximum for the selected jobs, by using each job's market value as the midpoint, and then using a percent above and below that midpoint to compute the job-specific range minimum and maximum.

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Job Market Ranges

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  1. Job Market Ranges

  2. What’s the purpose of a JMR? • To override the grade minimum, midpoint, and maximum for the selected jobs, by using each job's market value as the midpoint, and then using a percent above and below that midpoint to compute the job-specific range minimum and maximum

  3. How do you set the JMR? • Enter factors for setting the Job Market Value minimum and maximum • As a pair of percents (e.g. 20% below and 20% above) • As scalars (e.g. 0.8 and 1.2) • Or, specify a range spread, instead of a percent above and below • The range-spread algorithm creates a range of the specified width, centered on the rounded market value

  4. Adding JMRs in Reward • Pick the appropriate job(s) • From the select action box, choose the “set/edit Job Market Value ranges”

  5. Adding JMRs in Reward • Populate the percent below/above, match year, market value adj., and rounding • Click create

  6. Adding JMRs in Reward Once the JMR is created, it will populate the screen based on the job’s market value

  7. What if I want to adjust the JMR’s market value? • You can adjust the JMR’s market value to create an adjusted midpoint by entering a market adjustment factor • The market value will be multiplied by the adjustment factor before the minimum and maximum are created • The default is 1.0, which means to use the market value as the midpoint

  8. Can I copy the JMR from one year to the next? • Yes! Reward allows you to copy the JMR for the next match year • The process copies the JMR values for the selected job(s) from the Match Year you select to the selected target • If there are JMRs in the target year, they'll be overwritten by the JMR from the source year (if any)

  9. What happens if my market values change? • If your market values change: • Pick the applicable jobs • Choose the “update Job Market Value range” action • Choose the appropriate match year to be updated and click “update” • Note that the update process expects that the JMR records have already been created, and that you want to update the market values that the ranges are based on • This update process doesn't change the percent-above or percent-below factors, or the adjustment factor that may have been applied to the market value to arrive at the JMR midpoint • The update process only re-calculates the market value stored in the JMR records for the selected jobs for the Match Year you select

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