Virginia Tech participates in and receives salary data from more than 8 different survey sources including data from:
- Private sector
- Public sector
- Higher education
- Local, Regional and National surveys
Jobs are matched to benchmark jobs in the surveys with the input and assistance managers and supervisors. The market data is then compiled and utilized in the administration of Virginia Tech’s “market pricing” strategy.
WHAT IS MARKET PRICING?
In addition to the state classification system, Virginia Tech utilizes a “market pricing” strategy to help determine the relative value of jobs. This also helps ensure employees have competitive salaries based on comparison to pay levels for comparable jobs in the relevant market. Market pricing can be defined as the process by which an organization gathers and analyzes external salary data to assist in determining the relative value of jobs in the external market.
Following is an illustration of a typical market pricing strategy:
