Competitive Compensation: Essential of Creating Pay Structures
04 May 2017
- 03:30 AM to 04:30 AM EST
60 Minutes

Competitive Compensation: Essential of Creating Pay Structures

Competitive Compensation: Essential of Creating Pay Structures

Wes Pruett, owner of HR Advisors LLC brings over 35 years of professional level HR experience helping business solve people-related challenges. Prior to forming HR Advisors he held a senior leadership role at Mayo Clinic Health System - Fairmont.

There is no webinar video currently available. Please check back soon.

Overview
- Having a competitive and well-designed compensation system is the corner stone of employee recruitment and retention for most organizations. But did you know, that 30 percent of U.S companies have no formal pay structure in place? And that number increases for small businesses- 50 percent of companies with 100 employees or less are lacking a proper compensation system.
When you have an ill-designed or inadequate pay system in place, you are more vulnerable to losing your top talent to employers who do. It's usually your most talented employees who become frustrated if salary discussions are not addressed and handled professionally. Having a solid compensation structure in place is critical if you want your employees to feel secure in their compensation and career.
Join Wes Pruett, as he provides you with the tools to develop or update your current base pay plan. He will explain the fundamentals of market pricing, compa-ratio, grades, and ranges to give your organization the means to confidently build a competitive and effective pay structure
Less than half of companies under 100 employees have formal salary structures and only 70% of all U.S. companies have such structures. Yet almost all companies report that they have hard-to-recruit positions and they are vulnerable to loosing top talent. Having a competitive well-designed compensation system has long been a corner stone of employee recruitment and retention and regardless of the economy, it is critical to have a competitive compensation structure that fulfills your company’s goals. This webinar will give you the tools to get started in developing a base pay plan or tune up your current plan. If you aren’t totally clear about the meaning of market pricing, compa-ratio, grades, and ranges, this program is for you. This program presents a broad overview of the philosophy and application of compensation systems.

What you will learn:
• How to put together a well-designed base pay system.
• How midpoints, market pricing, and salary grades fit together.
• Do you lead or lag the market? What’s your compensation philosophy?
• The basics of job analysis and salary grade placement.
• What is a compa-ratio and why does it matter?
• Methods for moving through the range.
• How to build a salary grade system.
• Accelerated progression to the midpoint.
• Receive model salary grades and ranges.

Take Aways
 Program handouts
 Sample pay grade with variable ranges
 Understand the fundamental concepts of creating a compensation system.

They will receive information of the concepts of:
Compensation policy, internal and external equity, ranges, grades, position analysis, job evaluation systems, point factor systems, benchmark positions, using market analysis to establish pay ranges and midpoints, options for movement through salary ranges, calculating compa-ratios

Who Should Attend
This program is directed primarily at compensation and HR professionals or individuals responsible for designing and implementing compensation programs or for leaders interested in having a better understanding of compensation systems.

You may also like

HR Certification Institute Approved Provider

Proskilleducator.com is an HRCI Approved Provider and can assign recertification credit hours (based on HR Certification Institute standards) to HR-related continuing education events, including qualification for PHR, SPHR or GPHR recertification credits. The use of this seal is not an endorsement by HR Certification Institute of the quality of the program. It means that this program has met HR Certification Institute’s criteria to be pre-approved for recertification credit.

SHRM Approved Recertification Provider

"proskilleducator.com" is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM.  Our program is valid for PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org