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The Fundamentals of Creating Pay Structures

Event Information
Product Format
Prerecorded Event
Presenter(s)
Length
60 minutes
Product Description

Is Your Pay Structure Fair—or Competitive?

 

Having a competitive and well-designed compensation system is the cornerstone of any organization’s employee recruitment and retention plan. Today, nearly every company in America reports difficulty in recruiting and retaining quality workers, yet nearly one-third of all American companies have no formal pay structure in place. That figure jumps to 50 percent for companies with less than 100 employees. If your company does not have a sound, competitive pay structure in place, you’re at risk for losing your best workers and not being able to attract new ones.

This simple-to-understand, information-packed conference from industry veteran Wesley Pruett will show you why you need a pay structure, what one looks like, and how to grapple with key concepts, such as: internal and external equity, position analyses, job evaluation systems, point factors systems, and benchmarks. Plus, you’ll learn to use market analyses to establish pay ranges and midpoints.

After attending this audio event, you will know how to create a pay structure, how to determine if it is fair and competitive, the basics of a job analysis and salary grade placement, methods for moving through the range, how to build a salary grade system, and more. Get ready to revamp your compensations packages—and position your company to retain and recruit better!

Session Highlights

Here is a taste of what you will uncover:

  • How to put together a well-designed base pay system.
  • How midpoints, market pricing, and salary grades fit together.
  • How to determine if you lead or lag the market.
  • How to craft a compensation philosophy.
  • The basics of a job analysis and salary grade placement.
  • What a compa-ratio is and why it matters.
  • Methods for moving through the range.

Who Should Attend

  • CEOs and VPs
  • Compensation professionals
  • HR managers
  • Anyone responsible for designing and implementing compensation programs
  • Business leaders who want a better understanding of compensation systems
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Phone

1-844-384-4744

Fax

1-919-510-6257

About Our Speaker

wes-pruett

Wes Pruett is owner of HR Advisors LLC, a consulting practice that provides service to clients who seek to align their business and employees creating successful outcomes and excellent work environments. After 20 years in senior leadership within the Mayo Health System he founded HR Advisors LLC.

Wes provides solutions to companies for a wide variety of HR issues including compensation, compliance, policy development, performance management, and...   More Info
More Events By The Speaker

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