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How to create Competitive Compensation Structure: A toolkit to create effective Compensation Strategy (HRMN65X)

Presented by: Wes Pruett
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Pre Recorded Webinar
60 minutes
Event Description
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Fundamentals of Market Pricing, Compa-Ratio, Grades and Ranges for Developing a Competitive and Effective Pay Structure.

For most organizations, a competitive and well-designed compensation system is the cornerstone of effective employee recruitment and retention. However, statistics shows that 30% of organizations in the US have no formal pay in their system! And if you’re counting small businesses, the number is higher -almost 50% of companies with 100 employees or less lack a proper compensation system in place. Obviously, with lack of inadequate and ill-designed pay system, you’re bound to lose your top talents. And it is them, the top players, who become easily frustrated if salary discussions aren’t addressed or handled professionally. With a solid compensation structure in place, your employees feel secure about their career and compensation.

Almost all companies report that hard-to-recruit positions have come up, and that they are vulnerable to losing a top talent. Effective employee recruitment and retention has a well-designed, competitive compensation system regardless of economy, and it is critical to have a competitive compensation structure in place to fulfill the goals of your company.

This webinar by expert speaker and HR consultant, Wes Pruett, will explain the fundamental concepts of how to create a compensation system as well as focus on the process of creating a market-based salary structure. You will be informed about the concepts of salary ranges, internal/external equity, benchmark positions, grades etc. using market analysis to establish midpoints and pay ranges, options for salary range movements, slotting through non-benchmarking jobs as well as calculate compa-ratios. You will also learn about the sample pay grades with variable ranges. The webinar will also provide with the tools to develop or update your current base pay plan. You will get to know the fundamentals of market pricing, compa-ratio, grades, and ranges to give your organization the means to confidently build a competitive and effective pay structure.

This webinar will focus on building a market-based compensation system that will allow your company to be competitive within their industry. It will also assist you in building a workable systematic compensation program that is fair, understandable, consistent, and defensible. Get the tools needed to start developing a base pay plan or tune up your current plan with the help of this webinar. You will get a broad overview of the application and philosophy of compensation systems.

Session Highlights:

  • Putting together a well-designed base pay system
  • Fixing together market pricing, midpoints and salary grades
  • Leading in the market or lagging? Philosophy behind your compensation
  • The basics of salary grade placement and job analysis
  • Compa-ratio and why does it matter?
  • Methods of moving through the range
  • Building a salary grade system
  • Accelerated progression to the midpoint
  • Receiving model salary ranges and grades

Who Should Attend

  • CFOs
  • COOs
  • Senior Managers
  • Directors
  • VPs
  • Employee Contracting Organizations
  • HR Professionals
  • Payroll Professionals
  • HR Managers
  • Owners
  • Office Managers
  • Payroll Manager
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: How to create Competitive Compensation Structure: A toolkit to create effective Compensation Strategy
    Presenter(s): Wes Pruett

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