Competitive Compensation: Essentials of Creating Pay Structures

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Duration : 60 min





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Every workplace needs to recruit talented and skilled individuals who will help you build a successful business. But, since talented individuals are highly sought-after, an attractive pay structure is generally the key to inviting the best candidates on board.

Salary structures play an important role in building effective compensation programs and ensure that pay levels for similar kinds of jobs are equitable and externally competitive.

Join us in this webinar to learn how a fair compensation system can be one of the most effective ways to retaining and motivating employees, and bringing in new talent to your workplace.

Key Features of the Conference:

Research suggests that less than half of the companies employing under 100 employees have formal salary structures in place. Yet, most companies report that they face difficulties in employing talented individuals in hard-to-recruit positions which make them vulnerable to losing top-performing talent and motivating their employees. In the US, only 70% of such companies use such structures as a fair compensation system.

This is where a competitive and well-designed compensation system plays an important part in motivating talent to stay in your company and contribute to its growth, regardless of the economy.

Therefore, it is critical for you to build a competitive compensation structure that helps fulfill your company’s goals. If you want to learn about the philosophy and application of compensation systems, then this webinar is for you.

This session by expert speaker Wes Pruett will teach you about the fundamentals of creating pay structures. A well-designed base pay system can be the cornerstone of boosting recruitment and retention of talented individuals at your workplace.

Moreover, you will also learn about the tools you can use to build abase pay plan or tune up your current plan by being clear about concepts like market pricing, compa-ratio, grades, and ranges.

Session 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.

Bonus Materials

. Sample pay grade with variable ranges

Who Can Benefit From This Conference?

. Compensation Professionals

. HR Professionals

. Finance Professionals

. Book-Keepers

. Payroll Officers

. Individuals responsible for designing and implementing compensation programs

. Leaders interested in having a better understanding of compensation systems








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