To convert job points to a market salary
Why do I do this?
To determine the conversion from job points to a market salary, formulas based on the results of salary surveys are used. These formulas convert the points into a market salary in the particular employment market covered by the survey.
The formulas need to be made accessible to the job evaluations. This can be done by automatically transfering in the formulas where they are available to do so, or by manual entry of the formulas. This section describes the procedure for manual entry.
Steps to manually enter formulas:
One entry on the Jobscore Main menu is Salary Formula Management, and is the area where all salary formulas are handled - addition, amendment, and deletion.
This screen is the starting point from which salary formulas can be added, amended and deleted. The lower part of this screen lists the formulas that have already been recorded on the system by the user. Initially this list will be empty.
The screen includes two options, either to record a new formula set, or to import a pre-recorded set. We will use the Record option to manually enter a new set of formulas.
Click on the button Record New Formula Set to display a data entry screen to capture the formulas, as follows:
This upper part of the screen describes its purpose and gives guidelines for recording the salary formulas.
The salary formulas give the relationship between the job points for a position and market salary levels. The formulas are the equations of straight lines, and, in mathematical terms, is defined by an 'intercept' and a 'slope'.
Formulas for the four salary measures are recorded: Base Salary, Total Remuneration, Total Remuneration Cost, and Fixed Annual Remuneration. For each of these four measures, three positions in the market are recorded: first quartile, median, and third quartile. There are twelve formulas in all. The lower part of the screen provides data entry areas to record the intercept and slope for each the twelve formulas.
Each set of twelve formulas is given an identification. This identification is recorded in the data entry area labeled SurveyID. A brief Description of the formula set can also be entered.
The SurveyID for each formula set must be unique.
A completed entry appears as follows:
Select the Save button to ensure the data is recorded by the system. Once saved the formulas are now available to be applied to all job evaluations for the user.
After saving the screen clears to allow another set to be entered.
The Explanation button gives a description of how the formulas are derived.
The Salary Formula List will now show the added formula set/s. Click on the Salary Formulas List button to return to that list.
To amend or delete formulas return to the
Salary Formula List screen and follow the guidelines provided there.
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