Practical Market-Based Compensation: How to Structure Pay Practices that Attract and Retain the Best

Practical Market-Based Compensation Webinar Recording

From the halls of Congress to the counters of local coffee shops, jobs are on the minds of both employers and employees across the country. American workers faced record-high levels of unemployment in recent years, while organizations simply focused on staying afloat.

But things are looking up. A recent survey indicated that the U.S. economy will grow by 2.4 percent in 2012. Employers have started hiring again, and the unemployed are slowly making their way back into the workforce. With this positive economic shift also comes unsatisfied employees who have struggled through years of little or no pay growth, longer hours, and fewer helping hands. Employers must realize that if they're not careful, their best employees will jump ship the moment a better offer comes their way.

So how do you know what better offer is out there?

One approach is a market-based compensation structure. Obviously, you want to pay a competitive rate, but you don't want to over-pay. To achieve the perfect balance, you must know what competitors and like-positions in the same geographic area are paying for similar jobs. A market-based pay structure will also make your organization a desirable landing pad for employees who are looking for a better opportunity. With a solid reputation for competitive pay, employers who are prepared will be a Mecca for exceptional talent.

To get the ball rolling, it's crucial for you to get up-to-date on the ins and outs of a market-based compensation structure so you can use it to your organization's advantage. 

Participate in this interactive webinar, and you'll learn:

• How market pricing uses market rates to determine pay ranges and individual employee pay rates
• How to use market pricing to assess your current pay competitiveness currently and the best practices for updating it
• The advantages and disadvantages of market pricing versus other job evaluation methodologies
• How to acquire and apply salary survey data to your specific positions
• Important salary data elements and how they apply to you
• Tips for using aging and extrapolating data that keep your organization moving forward
• How to use key survey groupings to replicate your company’s characteristics
• The market rate for each position in your organization and how to use that information to determine a pay range
• Tips for applying market pricing to incumbent pay ranges as well as new positions
• Best practices for synthesizing your organization’s compensation philosophy with the market pricing approach
• How to develop a system for the regular review of your compensation system

In just 90 minutes, you'll learn how to find accurate salary data, conduct appropriate analysis, and establish a competitive salary structure to attract and retain the best employees. Register now for this informative event risk-free. 

This webinar was recorded on Tuesday, February 21, 2012

Practical Market-Based Compensation: How to Structure Pay Practices that Attract and Retain the Best

About Your Speaker:

Michael Strand of consulting firm HR Dynamics Inc. has nearly 35 years of human resources experience at the executive level. He provides a broad variety of human resources projects and services to small and medium-sized non-profit and for-profit organizations, and specializes in compensation, employee benefits, and employee communications.