Designing a Competitive Salary Structure
Course Overview
Designing competitive pay practices to attract and retain top talent is a key strategic priority for HR and compensation professionals and one that can greatly affect employee behavior. A well-designed salary structure allows management to reward performance and skills development while controlling overall base salary cost by providing a cap on the range paid for particular jobs or locations.
Who Should Attend
This course is designed for Professionals with at least 2 to 5 years experience in the compensation and benefits field, HR administrators, officers, specialists, team leaders, managers and business partners who wish to enhance their knowledge and skills in this important area of human resources.
Course Objectives
By the end of the course, participants will be able to:
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Understanding the process of Job analysis and job description
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Ability to use the qualitative & quantitative methods in conducting a job evaluation & its contribution in developing an effective salary structure
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Analyze the market pay survey data in comparison with benchmark jobs
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Conduct a simple regression analysis through using Excel to create a market pay line
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Create pay grades and pay ranges Implement the Pay Structure
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Course Outline
Module One: Managing Compensation
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Overview of Concept, Objectives, Components and Principles of Compensation.
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Building a Compensation Philosophy and Strategy aligned with Business Goals
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Factors influencing the design of the remuneration plan
Module Two: Job Analysis & Classification review
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Carrying out the effective Job Analysis Process
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Components of a Job Description
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Job Description Writing
Module Three: The Job Evaluation Process
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Job Evaluation Definition
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Job Evaluation Methods
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Job Evaluation Guidelines
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Job Evaluation process
Module Four: Market benchmarking
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Pay policy identification
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Market Survey Analysis and Establish market definition
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Compare benchmark jobs to market
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Assesses competitiveness of pay practices
Module Five: Design the Pay Structure
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Linear Regression and Correlation Analysis in designing a Pay model and policy line identification (Excel Spreadsheet Applications)
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Pay Structure Model Creation. (Grades, pay scale, Pay Ranges, Midpoint, Spread and Overlap)
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Implementation of salary structure.
Target Competencies
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Working with people
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Communication
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administrative and procedural decisions
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judgments on sensitive
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Job Evaluation skills