Competitive Compensation: Essential of Creating Pay Structures
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- 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.
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.