Local pay data is another term for the local cost of living, as assessed by an employer. This information is used to determine whether the company is offering a fair and attractive rate of pay for employees living in a specific area, as well as to determine whether the company is in line with competitors hiring for the same position. Note that when there is a disparity between local pay data and local living wages where the company is located, the higher of the two amounts should be offered to employees.
Part of speech:
Use in a sentence:
With the pandemic affecting the food services industry, local pay data is important to gage how to offer uniform assistance for affected workers.