Final answer:
Aging old data is a method employers can use to estimate current wages when they cannot afford to conduct a new wage survey annually. This process adjusts old wage records to reflect changes in the economy, cost of living, and market trends, providing a more current wage estimate.
Step-by-step explanation:
When an employer cannot afford to purchase a wage survey every year, one common method to obtain new data is to perform aging the old data. Aging the data involves adjusting the old wage data to account for factors such as inflation, cost of living increases, and market trends. This process can help in estimating current wages without conducting a new, costly wage survey. The employer would extrapolate from the old data, using the rate of wage changes in the broader economy, industry trends, or geographic region data to update the past salary information to a present-day equivalent.
Although searching the internet for wage information, using the old data without adjustments, and asking competitors what they are paying are other potential methods, these alternatives may not be as reliable or precise as aging data. The internet could provide some insights but may not be specific to the employer's industry or location, while discussing wages with competitors might not align with privacy or legal considerations.