A key factor in employee retention is the organization's perceived commitment to directly linking performance to pay. An important component in building that link is to ensure that all salaries are "at market" so that employees are confident that there are no "greener pastures" to be found. The need to constantly update salary pricing is often overridden by the amount of data and calculations that must be done to update just one job code. That effort multiplied by the many hundreds of job codes results in a monumental task. What is needed is a way to access the very most current salary data and use it to instantly update all job pricings.

MarketPrice addresses this need for up-to-the-minute, accurate and job specific salary pricing by integrating all available salary survey information into a one-screen application that enables compensation professionals to build and update "salary pricing" templates in minutes.

MarketPrice seamlessly integrates compensation market data from all major survey suppliers to allow compensation staff to search for job pricing across all surveys and industries simultaneously. Final job pricing is calculated using a weighting and time adjusting algorithm.

To be confidant that their salaries are at market, most organizations purchase salary survey studies from major suppliers like Mercer, Hay and Watson Wyatt. Compensation staff then analyzes these databases to "price" specific jobs using spreadsheets, calculators and scratch pads. Pricing must be done separately for every survey and then, through ad hoc means, integrated and averaged to achieve a final figure. This number or price then becomes the standard for a particular job code and is then used to measure whether or not a particular employee is above, below or at market. A scale or comp ratio is created for each employee and this ratio often figures in the calculation of subsequent merit awards and other discretionary increases.

The analysis and creation of pricing templates for each job, utilizing current salary surveys, not only ensures fairness in the overall organizational compensation structure but also figures subsequently in the actual awards that an employee can receive. Accurate market pricing is then a double-edged sword that swings perilously as HR staff tries to balance employee retention with organizational budgeting constraints. With market sensitive job pricing, managers can be sure that their performance-based awards to their direct reports are fair and will lead to greater employee satisfaction and retention.

Salary surveys from any source, from very specific regionalized or industry specific surveys to the major national suppliers, all load easily into OMP and then integrate on one screen.

The most appropriate data is then selected and weighted by the compensation staff to create the actual pricing template with its indicated market average salary.

The template can then be associated with a specific job code or an actual employee or series of employees;

By integrating all salary survey information on one screen, an organization may be assured that the pricing templates that support the compensation structure are accurate and reflect a true market pricing since they are built from a database that reflects all current information. The efficiency of OMP allows pricing and pricing updates to be accomplished in minutes rather than hours, thus freeing compensation staff from continual number crunching and instead allowing them to focus on more important compensation issues.

OSM is very light weight for servers. There are no known issues with running OSM with other applications on the same server.