Fundamentals of Compensation
In this training program, participants will understand the fundamental concepts of creating a compensation system. They will receive information on 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, and calculating compa-ratios. Sample pay grade with variable ranges will also be discussed in the session.
In this webinar, the instructor will provide attendees 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 the companies with 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. It will present a broad overview of the philosophy and application of compensation systems.
Areas Covered in the Webinar:
- How to put together a well-designed base pay system.
- How midpoints, market pricing, and salary grades fit together.
- Do you lead or lag in 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.
Wes Pruett is owner of HR Advisors LLC, a consulting practice that provides service to clients who seek to align their business and employees creating successful outcomes and excellent work environments. After 20 years in senior leadership within the Mayo Health System he founded HR Advisors. Mr. Pruett provides solutions to companies for a wide variety of HR issues including compensation, compliance, policy development, performance management, and employee relations. Mr. Pruett regularly facili... View Full Profile
This program has been approved for credit hours through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
Aurora Training Advantage is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.