|What You Will Learn
- How to design a total rewards program, including a base-pay structure.
- Market pricing and business strategy, including, compensation philosophy, market position, and business life cycle.
- Market-based pay versus a pure market pricing approach – and the pros and cons of market-based job evaluations and pay design.
- Understanding salary survey data so you’ll know which options are most relevant for your business and employees.
- Leveraging salary survey data via aging, blending, adding a premium, weighting, modeling, and regression analysis.
|Who Will Benefit from This Course?
The course is ideal for HR and compensation professionals responsible for salary benchmarking and compensation program development. It is also well suited to professionals who lead programs in total rewards, remuneration, compensation and benefits, as well as people leaders who want to better understand market pricing.
Learn to build competitive market-related pay structures that support your organization’s compensation strategy and boost your odds of successfully attracting, retaining and motivating employees.
You’ll learn a methodology for conducting a competitive pay analysis; you’ll also be able to assess how your approach supports your organization’s hiring and retention goals, and compensation strategy.
The skills you gain will help you develop and design effective compensation packages, and confidently communicate to senior and executive leaders, people leaders, and employees about how their market-related compensation is determined.
|Market Pricing and Business
- The Total Rewards design process
- Compensation philosophy and strategy
- Factors influencing compensation
- Market pricing
- Business life cycle
- Compensation program objectives
Market Pricing and Base Pay
- Base pay structure design
- Market-based pay structure design steps
- Market-based pay structure vs pure market pricing approach
- Market-based job evaluation and pay structure design: advantages and disadvantages
- Sources for salary and survey data
- Decision factors
- Survey data formats
- Survey selection
- Accuracy of survey data
- Data integrity components
Participating in Surveys
Utilizing Survey Data
- Aging data
- Adding a premium
- Weighting market data
- Regression Analysis
|Variable Pay Survey Data
- Short- and Long-term Incentives
- Total cash compensation
- Total direct compensation
- National Plastics and Rubber Manufacturing
- Organization-wide communication
- Communication and survey sources