Fundamentals of Compensation
Webinar Details $219
- Webinar Length: 90 Minutes
- Guest Speaker: Cynthia Keaton
- Topic: Human Resources, Compensation and Benefits
- Credit: HRCI 1.5, SHRM 1.5, ATAHR 1.5
This webinar will provide participantswith a fundamental understanding of how to create a market-based compensationsystem. Competitive compensation practices are essential to employeerecruitment and retention efforts. The thought of creating a competitivecompensation system may seem daunting, but it does not have to be anoverwhelming project!
We will break down the process into 5 basic steps to create amarket-based pay structure. Your compensation philosophy may be to match themarket, lead the market, lag the market, or “lead/lag”. We will discuss when toselect each philosophy and what this means for benchmarking.
The webinar will cover the process of benchmark analysis andhow to apply that to your organization. We will discuss internal equity, and wewill cover compensation terminology such as midpoint and compa-ratio.
You will leave the webinar with an understanding of how toguide your company through writing or revising your compensation philosophy andbe capable of leading the compensation analysis.
Areas Covered in the Webinar:
- How to define your company’s compensation philosophy.
- How to put together a well-designed market-based pay structure.
- The definitions and usage of common compensation terms.
- How to decide whether to lead, lag, or match the market.
- The basics of job analysis and salary grade placement.
- Obtaining management team buy-in for a compensation philosophy.
- Different sources of pay data.
- How to implement and evaluate your pay structure.