By Sharon McKnight, CCP SPHR
 |
When using market survey data to determine the salary range for a position, you could use the 10th, 50th, and 90th percentiles as your minimum, mid-point, and maximum for the range. Or, maybe the 25th, 50th, and 75th percentiles would do okay. One of the problems with either of those options, though, is that those points tend to fluctuate with the survey data so your range spread varies from position to position.
Instead, you may want to calculate a consistent range spread based on the mid-point of the salary data. You just have to decide which mid-point to use—the mean or the 50th percentile. Either way, there is a simple method for determining the min, mid, and max of a salary range when only the mid-point of the survey data is known.
Click here to read more.