GRP – GR17: Market Pricing – Conducting a Competitive Pay Analysis
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Attracting and retaining your organisation’s top talent requires providing competitive wages and salaries. This course will empower you with the skills needed to market price benchmark jobs and slot non-benchmark jobs into a salary structure you create based on your interpretation of your organisations compensation philosophy. You will learn a consistent methodology for conducting a competitive pay analysis and assess whether it will support your human resources hiring and retention goals and your organisation’s business strategy.
Throughout the course, you’ll gain hands-on experience developing your data utilisation skills and cover::
Common compensation strategies, base pay structure design and the establishment and use of a jobworth hierarchy.
Salary survey data sources and usage coupled with a case study to bring the principles to life.
The role of market pricing and salary/pay structure as it relates to your organisation’s business strategy.
How to communicate market pricing to senior management and more broadly within your organisation.
The course is ideal for HR and compensation professionals responsible for salary benchmarking and compensation programme development or who have an interest in learning more about this area.
What you will learn
Market Pricing and Business Strategy: Learn about the total rewards design process, compensation philosophy and strategy, factors that influence compensation, market position, business life cycle and compensation programme objectives.
Market Pricing Terminology and Base Pay Structure Design: Understand market-pricing terminology, base-pay structure design, market-based structure design steps, market-based pay structure versus a pure market pricing approach and the advantages and disadvantages of market-based job evaluation and pay structure design.
Understanding Salary Survey Data: Take a deep dive into salary survey data and learn how to identify data sources for salary surveys and understand survey data formats, survey selection, statisical data points, decision factors, documentation, survey data accuracy and data integrity components. You will also cover survey participantion and job matching.
Short- and Long-Term Incentive Salary Survey Data: Gain exposure to survey data around short- and long-term incentives and total cash compensation.
Leveraging Salary Survey Data: Empower yourself to leverage survey data and gain hands-on experience in aging data, blending, adding a premium, weighting the marketing data, modeling and regressive analysis.
Upon completing this course, you will have hands-on experience using salary survey data and be equipped with a consistent methodology to conduct competitive pay analysis to support HR goals and the broader business strategy for your organisation.
E-learning plus e-binder & online exam
E-binder & online exam
All materials and binder will be in electronic format.
For e-learning arrangement, participant will receive an email invitation to activate a Learner Dashboard (WorldatWork platform) account for accessing educational contents and pre-recorded videos.