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Compensation Metrics: Gathering and Calculating Data to Pay Employees Competitively - On-Demand

Compensation Metrics: Gathering and Calculating Data to Pay Employees Competitively - On-Demand

Product Code: YHWA052218D

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Compensation Metrics: Gathering and Calculating Data to Pay Employees Competitively -

Webinar now available On-Demand.

WEBINAR SNAPSHOT: Learn how to use comp metrics to gather and calculate data to evaluate whether you’re paying employees appropriately.

To stay competitive with other employers in your job market, you need to know what to pay employees. Getting it right can make all the difference when it comes to attracting and retaining top talent. And, using compensation metrics can help ensure the smooth operation of your company and enable you to pay your employees competitively.

If you’re looking to improve your compensation program, it’s important to look at the base pay metrics for your organization, and those metrics should align with your current business issues. If you don’t analyze your compensation metrics, you run the risk of missing an opportunity to optimize your strategy to ensure that it fits in with your overall compensation philosophy.

There are many types of both internal and external compensation metrics that can be used to improve an organization’s overall compensation strategy, including compa-ratios and salary penetration ranges. It’s also important to take a close look at a number of factors, including annual payroll, average hourly rate, number of employees, and more.

Comp metrics are more than just comparing how your salaries stack up against the competition. The more you can base your numbers on solid industry metrics—and then successfully communicate that to employees—the better off your company’s bottom line will be.

Use this in-depth on-demand webinar on how to use comp metrics to improve and enhance your compensation program.

You’ll learn:

  • The most useful compensation metrics for managing your organization's compensation plan
  • The applicable “lingo”—and how to correctly use it with comp analytics
  • How to understand the most commonly used base pay metrics
  • How to accurately calculate salary range penetration
  • The relationship between salary range penetration and compa-ratio
  • What linear regression is and how to use it effectively
  • How to determine if your pay ranges are too broad or too narrow
  • Best practices for using compensation metrics to determine if you're paying at, above, or below the market
  • Key questions you should be asking about your pay practices and overall compensation philosophy once you've gathered your data
  • And much more!

About Your Presenter

David WudykaDavid Wudyka
Managing Principal
Westminster Associates

David Wudyka, MBA, BSIE, is Managing Principal and Founder of Westminster Associates, manages and oversees all company operations, including the design, development, and implementation of all client HR programs. With more than 30 years of professional HR experience, he has a strong interest today in the increasingly emerging role of the HR department as a strategic partner, employee retention strategies, and group incentive plans. Mr. Wudyka was one of the first 200 people in the United States to be certified in the field of Compensation by the former American Compensation Association. He also teaches the SHRM Certification Program at Bryant University, and is on the Adjunct Faculty at UMass Boston.

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