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what are sources and references that support the following - When evaluating compensation initiatives, it's important to consider both qualitative and quantitative metrics. Quantitative metrics
what are sources and references that support the following - When evaluating compensation initiatives, it's important to consider both qualitative and quantitative metrics. Quantitative metrics are numerical indicators that can be easily measured and compared. Here are a few recommendations: 1. Average Salary: This is a basic metric that can help you understand how your organization's compensation compares to industry standards. 2. Compensation Ratio: This is the ratio of the actual pay to the midpoint of the salary range for a position. It can help you understand how competitively you are paying. 3. Compa-Ratio: This is the ratio of an employee's salary to the median salary for their position in the market. A ratio of 1 means the salary is competitive, less than 1 means it's below market, and more than 1 means it's above market. 4. Turnover Rate: High turnover can indicate dissatisfaction with compensation. Qualitative metrics, on the other hand, are more subjective and can provide insights into employee satisfaction and perception of fairness. Here are a few recommendations: 1. Employee Satisfaction: Regular surveys can help gauge how satisfied employees are with their compensation. 2. Perception of Fairness: This can be measured through surveys or focus groups. If
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