Learn how to design a pay for performance base pay program that supports your organization’s compensation strategy and attracts, retains and motivates your organization’s talent. This in-depth course will provide you with the skills and knowledge to design, implement and evaluate employee base pay programs.
Key concepts you will learn and assimilate include:
- Identifying the relationship between the organization’s business strategy and the total rewards program.
- Understanding key considerations when designing base pay programs.
- Learning what it takes to implement and deliver base pay programs, including monitoring and evaluation.
- Examining pay for performance merit pay systems, including development, utilization and costing.
- Discerning how and when human resources should be involved in mergers and acquisitions.
This course is ideal for the emerging human resources compensation professional who is getting started with developing pay structures. Knowledge of basic mathematical concepts is recommended, including: mean, median, weighted average, compa-ratio, percentiles and calculating percents.
Specific areas covered include:
- The Role of Base Pay in Total Rewards
Learn the elements of compensation, the total rewards design process, the fundamentals of base pay, job evaluation methods and job worth hierarchy.
- Designing Base Pay Structures
Gain the skills to design base pay structures, including understanding pay structure design and broadbands.
- Practical Applications of Base Pay Structure Design
Develop experience in the market-pricing approach, point factor approach and integrating market data into point factor through hands-on exercises and discussion.
- Base Pay Implementation and Delivery
Learn about pay approaches, job-based pay, differentials, pay actions, communicating pay actions and new hire pay rates.
- Pay for Performance and Salary Budgeting
Understand pay for performance, compensation strategy and philosophy, principles of merit-pay programs, base pay investment, merit increase guidelines and components of market-based salary budget.
- Administering and Evaluating Base Pay Programs
Be prepared to monitor pay levels, maintain pay structures and review and audit base pay programs as well as understand compression.
- Mergers, Acquisitions and Base Compensation
Acquire the skills to integrate compensation plans and communicate compensation changes during mergers and acquisitions as well as understand the role of HR and key HR priorities during these events.
Upon completing this course, you will have acquired in-depth knowledge of base pay programs to design, implement and evaluate compensation strategy that attracts and retains your organization’s talent.
Ready to accelerate your journey as an HR compensation professional?
This course is available in a variety of formats, including online, self-study and in-person.
Find a class format that works for you and register today.