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GR17: Market Pricing
- Conducting
a Competitive Pay Analysis
Course Overview
· 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 organizations 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.
On the fourth morning, an optional certification exam is administered
covering the content of this course.
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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.
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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 and business strategy
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
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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Credits
GRP: Required;
Certificate in Global Remuneration Administration: Elective;
Recertification: 2 course, .5 Exam
CEUs: 1.5 Course, .3 Exam; CCP Equivalency: C17
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