Understand how equitable base pay programmes are designed and administered

INTRODUCTION

The base pay system is the backbone of your entire reward strategy – without it, your approach to pay is unclear. A poorly designed base pay structure leaves you without the data and confidence to respond to evolving pay transparency laws and your workforce’s increasing demand for clarity around pay. The stakes are simply too high to overlook the importance of getting your base pay system right.

In this course, you will delve into the role of base pay in a comprehensive total rewards strategy and approaches to crafting, implementing, and assessing a base pay system aimed at attracting and retaining top talent. Additionally, you will explore effective methods for job analysis, documentation, evaluation and the development of base pay structures that align with and support your organisation’s talent objectives.

FORMAT

• Delivered by an experienced instructor.
• Live-streamed course (Zoom) with a small number of participants in a virtual classroom style.
• This is an interactive programme so that you will be able to consider the issues discussed in the context of your organisation and your experience.
• Slides, discussion and very short exercises will be used.

WHAT YOU WILL LEARN

• Important concepts like compensation philosophy, internal versus external pay equity, relevant labour markets, benchmark jobs and market pricing.
• Key steps to build a base pay structure – job analysis, documentation, evaluation and job worth hierarchy.
• Base structure design components like range spread, minimum, midpoint, and maximum, midpoint differentials, range overlap plus methods to adjust and maintain pay structures.
• Determination of individual pay rates, including concepts like new hire rates, pay differentials, step rate pay progression, merit increases, skill-based pay, promotions, equity adjustments and pay compression.
• Merit pay programmes, pay for performance and merit matrix development.
• Pay transparency, communications about pay programmes and compensation programme audits.

WHO SHOULD ATTEND

• This course is ideal for total rewards, compensation, or global rewards professionals who are new to or want a refresher in principles for building equitable base pay systems.
• Entry- to mid-level HR and reward professionals interested in understanding compensation programmes.
• If you have several years of experience in reward, you will find this course gives you a valuable review of standard practice and theory, along with an update on current trends in compensation.

ENTRY CRITERIA

We recommend taking Designing and Managing Base Pay Systems as the third course toward your CCP and GRP certification.

To get the most out of this course, you will need to have working knowledge of the WorldatWork total rewards model, compensation fundamentals of a total rewards strategy and an understanding of labour regulations.

LENGTH OF STUDY

You should plan to spend approximately nine hours in a virtual class and 11 hours on self-guided work. Prework may be required in preparation for the first day of class.