Design market-aligned pay structures and compensation packages

INTRODUCTION

In today’s data-driven rewards landscape, methods for market pricing are rapidly evolving. Meanwhile, employees and job candidates now have easier access to pay data, raising questions and concerns about fairness and trust in pay rates. Reliable competitive market rates have never been more essential for pay structures, merit increases, promotions, and incentive programmes.

In this course, you will learn the foundations of pricing skills and learn how to incorporate new sources of pay data in your job benchmarking approach.

You will gain the skills to improve the accuracy of your organisation’s pay structures, positioning you to build credibility with management and employees, help your organisation reduce turnover and increase engagement and ensure higher acceptance rates for job offers.

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

• How to analyse external competitive market compensation data and use it to determine prevailing rates in your relevant labour market and aligned with your organisation’s compensation philosophy.
• Sourcing market data, assessing its integrity, and which options are most appropriate for your organisation and workforce.
• How to interpret market data and apply estimating techniques like aging, blending, adding a premium, weighting, modelling and regression analysis.
• Key steps to price a single job and to design a market-based pay structure plus how to effectively communicate your market pricing methodologies to your organisation.

WHO SHOULD ATTEND

• This course is ideal for professionals in HR, total rewards, compensation or global rewards.
• It is especially useful to those responsible for compensation benchmarking and developing compensation programmes and those overseeing initiatives in total rewards, remuneration, compensation and benefits.
• People leaders seeking a deeper understanding of market pricing will also find this course beneficial.

ENTRY CRITERIA

We recommend taking Market Pricing and Competitive Pay Analysis as the fifth 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, labour regulations, base pay systems and variable pay programmes.

LENGTH OF STUDY

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