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Competitive Compensation: Essential of Creating Pay Structures (HRM879E)

Presented by: Wes Pruett
(*) Single User Price. For multiple users please call 1-844-384-4744
Pre Recorded Webinar
90 minutes
Event Description
1.0 PDC - AudioSolutionz is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM
1.0 Credit

Get a Broad Overview of the Philosophy and Application of Compensation Systems

Having a competitive and well-designed compensation system is the corner stone of employee recruitment and retention for most organizations. But did you know, that 30 percent of U.S companies have no formal pay structure in place? And that number increases for small businesses- 50 percent of companies with 100 employees or less are lacking a proper compensation system.

When you have an ill-designed or inadequate pay system in place, you are more vulnerable to losing your top talent to employers who do. It's usually your most talented employees who become frustrated if salary discussions are not addressed and handled professionally. Having a solid compensation structure in place is critical if you want your employees to feel secure in their compensation and career.

In this webinar, expert speaker Wesley Pruett will give you the tools to get started in developing a base pay plan or tune up your current plan. If you aren’t totally clear about the meaning of market pricing, compa-ratio, grades, and ranges, this program is for you. This program presents a broad overview of the philosophy and application of compensation systems.

Learning Highlights

  • How to put together a well-designed base pay system
  • How midpoints, market pricing, and salary grades fit together
  • Do you lead or lag 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
  • Sample pay grade with variable ranges
  • Fundamentals concepts of creating a compensation system:
    • Compensation policy
    • Internal and external equity
    • Ranges and grades
    • Position analysis
    • Job evaluation systems
    • Point factor systems
    • Benchmark positions
    • Using market analysis to reach pay ranges and midpoints
    • Options for movement through salary ranges
    • Calculating compa-ratios

Who Should Attend

  • HR Managers & Directors
  • Employee Relations Professionals
  • Payroll Professionals
  • Accounting Personnel
  • Business owners
  • Individuals responsible for designing and implementing compensation programs
  • leaders interested in having a better understanding of compensation systems.
About Our Speaker(s)

Wes Pruett | HR Compliance Training SpeakerWes Pruett
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 LLC. Wes provides solutio... More info

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    Event Title: Competitive Compensation: Essential of Creating Pay Structures
    Presenter(s): Wes Pruett

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