Discuss the process of trending survey data.
What will be an ideal response?
Competitors' pay rates are constantly changing because pay reflects decisions of employers, employees, unions, and government agencies. Even though these changes do not occur smoothly and uniformly throughout the year, as a practical matter it is common practice to assume that they do. Therefore, a survey that requires three months to collect, code, and analyze is probably outdated before it becomes available. Consequently, the pay data usually are updated in a process often called aging/trending survey data to adjust the data to represent pay at the current or future date when the pay decisions will be implemented. The amount to adjust is based on several factors, including historical trends in market economic forecasts, prospects for the economy in which the employer operates, and the manager's judgment, among others.
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