Rethinking how salaries are set.
Conventional wisdom has it that the market sets salaries. But how businesses nonprofits and government determine the market rate for a salary may be outdated.
Typically, an employer does some kind of survey to determine what to pay an employee. Some employers benchmark with other employers in the same industry, others might have surveys done by an association of which they were a member and others simply check the classified ads. There are lots of ways to attempt to determine the so-called market value of a job or a position.
But what if an employer announced a job or position opening, published the requirements of the job, and then invited qualified applicants to bid on the job?
Intriguing idea. And one that I will explore in my next Mississippi Business Journal column.