ABCs of Setting Up Job Grades: How to Successfully Build a Market-Based Pay Structure from Scratch
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For HR professionals who are new to compensation and even for those who are experienced HR managers, the idea of building a market-based pay structures from scratch may seem extremely daunting - but it doesn't have to be. By following several key steps, you can develop a successful pay structure for your organization.
First, it's important to take into account merit, longevity, and cost-of-living adjustments as well as applicable minimum wages, which continue to creep up across the country. For example, in California, a new minimum-wage rate of $9 goes into effect July 1, 2014. This underscores the importance of ensuring that job grades aren't only competitive but also in line with the law.
Understanding market-centric midpoints and how to effectively use market data to develop competitive pay ranges are both crucial to successful pay grade development across job classes as well. It's also critical to keep in mind that legal defensibility is important, and pay grades can help avoid pay-based discrimination claims and ensure fair labor standards compliance.
To get a better understanding of what it takes to develop an effective pay structure for your organization, participate in this interactive and advice-rich webinar for HR professionals of all levels.
- How your organization's overall compensation strategy affects pay range development
- How to tell which external market data sources you should use to price the jobs you've currently got
- How to conduct a meaningful job analysis, including tips for gathering, documenting, and analyzing data necessary to describe the jobs your organization requires
- How to tell which jobs are mission critical to your organization's success, which is essential for developing a strategy on how to compensate for these positions
- How to effectively conduct a market data analysis and apply the information you've gathered to create salary ranges for your organization
- What to do about current salaries that don't fall within the ranges you've set and how to best remedy these "red circle rates"
- Where factors such as cost-of-living adjustments (COLA), longevity increases, and merit increases fit into the pay grade puzzle
- What you need to know about "aging" to effectively manage pay grades successfully for years to come
- How to figure out if your proposed pay ranges are matching, leading, or lagging behind the market
- Strategies for rolling out your new market-based pay structure and how to evaluate its success
- And much more!
In just 90 minutes, you'll learn tips for developing a market-based pay structure from scratch. Register now for this must-attend event risk free. And, as a bonus for attending, participants will receive a sample hourly job grade scale calculator, showing longevity, merit COLA increases, and more!
About your presenter:
Terry Pasteris is president of TLMP Consulting Group. Prior to founding TLMP, Ms. Pasteris led global compensation functions in several corporations and has consulting experience including Partner and Vice President of the Hay Group. Ms. Pasteris' work covers all areas of rewards at executive, sales, and all employee levels, both domestic and international. She is a CCP and GRP and holds an M.A. and a B.S. from the University of Illinois at Urbana.
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All US States: 1.5
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|Keywords For This Course:|
pay grades, salary midpoint, salary range, payroll
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