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 are vulnerable to losing top talent. Having a competitive well-designed compensation system has long been a cornerstone of employee recruitment and retention. Regardless of the economy, it is critical to have a competitive compensation structure that fulfills your company’s goals.
In this practical webinar, you will explore the fundamental concepts of creating a compensation system. Among other things, will learn about:
- Compensation policy
- Internal and external equity
- 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
You will also discuss sample pay grade with variable ranges.
You will learn the following:
- 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.
Upon course completion, you will be able to:
- Implement tips and best practices to develop an effective base pay plan or tune-up your current plan
- Assess compensation systems
Field of Study: Personnel/Human Resources, Business Management and Organization
Program Level: Intermediate
Credit Type: Group Internet-Based for the Live Program.
HR Advisors LLC
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 facilitates employee training related to communication, leadership, coaching, and strategic planning. He is a business coach helping leaders achieve goals. Wes earned a Masters in Healthcare Administration at the University of Minnesota Carlson School of Management and an M.S. in psychology.
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