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GR4: Base Pay Administration and Pay for Performance
- Design a Fair and
Competitive Plan
Course Overview
· Identify
the relationship between an employee total rewards program and an
organizations business strategy
· Discuss
the design of base pay programs and necessary considerations
· Discover
what it takes to implement and deliver base pay
· Study
the key elements in costing base pay and other compensation programs
· Gain
an overview of merit pay systems, including development and utilization
· Address
the effectiveness and efficiency of pay programs with monitoring and
evaluation
This
intermediate-level course provides an in-depth discussion of the
principles, design, implementation and evaluation of an employee base pay
program. Exercises will show how to design a pay program that is fair,
competitive and supportive of an organizations compensation strategy. On
the fourth morning, an optional certification exam is administered covering
the content of this course.
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Who Should Attend
This course is intended for the
emerging compensation practitioner with limited experience in developing
pay structures. Attendees should be able to apply concepts and techniques
covered in GR1, GR2 and GR3. Knowledge of basic mathematical concepts such
as mean, median, weighted average, compa-ratio, percentiles and calculating
percents is suggested, as well as an understanding of the concept of
regression analysis.
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What You Will Learn
The Role of Base Pay in Total Rewards
Evolution from pay to rewards
The total rewards model
The total rewards design process
Compensation philosophy and strategy
Introduction to base pay
Job evaluation methods
Job worth hierarchy
Role of the compensation professional
Designing Base Pay Structures
Base pay structure
Building a base pay structure
Pay structure design considerations
Pay structure design
Broadbands
Practical Application of Base Pay Structure Design
Exercise 1 - Market pricing approach
Discussion Exercise 2 Point factor approach
Discussion Exercise 3 - Integrating market data into point
factor
Base Pay Implementation and Delivery
Pay approaches
Job-based pay
Person-based pay
Differentials
Pay actions
Communicating pay actions
Pay for Performance and Salary Budgeting
Principles of a sound pay for performance system
Principles of merit pay programs
The base pay investment
Merit increase guidelines
Creating a salary budget recommendation
Administering and Evaluating Base Pay Programs
HRs role in administering and evaluating a base pay
program
Monitoring pay levels
Compression
Maintaining pay structures
Base pay program review and audit
Mergers, Acquisitions and Base Compensation
HR involvement
Key priorities
Compensation plan
Integrating compensation plans
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Credits
GRP: Required;
Certificate in Global Remuneration Administration: Required;
Recertification: 2 course, .5 Exam
CEUs: 1.5 Course,.3 Exam; CCP Equivalency: C4
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