11-3. We said the process of creating a marketcompetitive pay plan while ensuring external, internal, and procedural equity consists of 16 steps as follows: (1) Choose benchmark jobs;

(2) Select compensable factors; (3) Assign weights to compensable factors; (4) Convert percentages to points for each factor; (5) Define each factor’s degrees; (6) Determine for each factor its factor degrees’ points; (7) Review job descriptions and job specifications; (8) Evaluate the jobs; (9) Draw the current (internal) wage curve; (10) Conduct a market analysis: Salary surveys; (11) Draw the market (external) wage curve; (12) Compare and adjust current and market wage rates for jobs;

(13) Develop pay grades; (14) Establish rate ranges; (15) Address remaining jobs; and (16)
Correct out-of-line rates.