Market-based compensation program is much greater than the structure of a wage range. In general terms, it is an overall compensation concept driven on the present market value situations for attracting preferred talent (Armstrong, 2012). Other primary considerations that propel market compensation strategies incorporate:
Competition
Understanding competitors pay practices remain a major consideration when identifying market value for task. Moreover, they determine whether they match, lead or lag the market in their overall remuneration practices (Boeri, 2015). Firms such as Facebook, PayPal, Google, Apple, Twitter, and LinkedIn are recognized for their market-prominent reward program, although how each get there varies. ...