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Avoiding Analysis Paralysis
This course will provide a consistent and effective
methodology for market-pricing benchmark jobs within an
organization. Participants will have an opportunity to
develop their data utilization skills through classroom
practicum exercises.
- Review common compensation strategies, base pay
structure design, and the establishment and use of a
job worth hierarchy.
- Discuss how market pricing can support an
organization’s business strategy.
- Discover data sources, data collection options,
salary survey formats and use of job matching.
- Learn how the data from salary surveys can help
you develop the market rate for benchmark jobs.
- Discuss the use of statistical analysis tools and
aging, blending, weighting and slotting data.
- Learn how to handle exceptions or special
situations.
- Find out how to communicate market pricing to
upper management and your organization.
Who Should Attend
Compensation and HR professionals with an interest
in or responsibility for identifying competitive rates
of pay, job evaluation and compensation.
What You Will Learn
Total Rewards and the Compensation Function
- The total rewards model
- Compensation philosophy and strategy
- Base pay structure design
- Job worth hierarchy
Market Pricing and Business Strategy
- Market pricing
- Terminology
- Market pricing steps
- Market pricing — advantages and disadvantages
Survey Data
- Data sources
- Data collection
- Salary formats
- Job matching
Collecting Survey Data
- Survey selection
- Data integrity
- Multiple survey sources
- Statistical data points
- Documentation
Utilizing Survey Data
- Utilizing Survey Data
- Aging data
- Blending and weighting
- Regression
- Internal versus external equity
National Plastics and Rubber Manufacturing —
A Case Study
Exceptions and Special Situations
- Total compensation
- Incentives
Communication
- Communication with employees and upper management
- Organization-wide communication
- Communication and survey sources
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