GR17 - Market Pricingi Conducting a Competitive Pay Analysis

Course details

Course Objectives

• 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

This course provides a consistent and effective methodology for market-pricing benchmark jobs within an organisation. Participants have an opportunity to develop their data utilization skills through classroom practicum exercises.

Course Outline

• Total Rewards and the Compensation Function
• Market Pricing and Business Strategy
• Survey Data
• Collecting Survey Data
• Utilizing Survey Data
• National Plastics and Rubber Manufacturing — A Case Study
• Exceptions and Special Situations
• Communication

Who Should Attend

Compensation and HR professionals with an interest in or responsibility for identifying competitive rates of pay, job evaluation and compensation program development. This program is beneficial for human resources & C&B professionals, finance and management staff who are responsible for their multinational organization’s compensation/remuneration programs.