Attracting and retaining your organization’s top talent requires providing competitive wages and salaries. This course will empower you with the skills needed to market price benchmark jobs and slot non-benchmark jobs into a salary structure you create based on your interpretation of your organizations compensation philosophy. You will learn a consistent methodology for conducting a competitive pay analysis and assess whether it will support your human resources hiring and retention goals and your organization’s business strategy.
Throughout the course, you’ll gain hands-on experience developing your data utilization skills and cover:
- Common compensation strategies, base pay structure design and the establishment and use of a job-worth hierarchy.
- Salary survey data sources and usage coupled with a case study to bring the principles to life.
- The role of market pricing and salary/pay structure as it relates to your organization’s business strategy.
- How to communicate market pricing to senior management and more broadly within your organization.
The course is ideal for HR and compensation professionals responsible for salary benchmarking and compensation program development or who have an interest in learning more about this area.
Specific topics covered include:
- Market Pricing and Business Strategy
Learn about the total rewards design process, compensation philosophy and strategy, factors that influence compensation, market position, business life cycle and compensation program objectives.
- Market Pricing Terminology and Base Pay Structure Design
Understand market-pricing terminology, base-pay structure design, market-based structure design steps, market-based pay structure versus a pure market pricing approach and the advantages and disadvantages of market-based job evaluation and pay structure design.
- Understanding Salary Survey Data
Take a deep dive into salary survey data and learn how to identify data sources for salary surveys and understand survey data formats, survey selection, statistical data points, decision factors, documentation, survey data accuracy and data integrity components. You will also cover survey participation and job matching.
- Short- and Long-Term Incentive Salary Survey Data
Gain exposure to survey data around short- and long-term incentives and total cash compensation.
- Leveraging Salary Survey Data
Empower yourself to leverage survey data and gain hands-on experience in aging data, blending, adding a premium, weighting the market data, modeling and regression analysis.
Upon completing this course, you will have hands-on experience using salary survey data and be equipped with a consistent methodology to conduct competitive pay analyses to support your HR goals and the broader business strategy of your organization.
Ready to take get started?
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.