Compensation Audits: Align Your Pay Philosophy With Your Organization's Overall Business Strategy
|Date / Time:
Today, most companies are continuing to do more with fewer resources or are expanding at a moderate and measured pace. In both cases, executive management and the board of directors want to be sure that talent assets are being used effectively. That need to know translates directly into the elements of a compensation audit.
An effective compensation audit ensures that your:
- Pay philosophy and plans align with the overall business strategy of your organization
- Human resources are being paid for the productivity they produce
- Company pay practices are not exposed to potential liabilities
- Talent is proactively rewarded and positioned for maximum future potential
Recently, the Equal Employment Opportunity Commission announced that as part of its current Strategic Enforcement Plan it will be looking closely at equal pay to evaluate whether organizations have committed violations.
This underscores the importance of taking a look at current compensation practices to ensure that employees are not only being compensated competitively for the value they bring to our organization, but also that their compensation is fair in relation to workers performing comparable work.
You Will Learn:
- Factors that reveal if your compensation program is appropriately divided between base pay and variable opportunity
- Issues and resources to consider in determining if the compensation provided is economically viable
- What a balanced and evenly distributed pay scheme looks like across the organization
- Questions to ask to discern whether the pay structures you've got in place align with your overall business strategy
- Red flags that your current compensation practices could expose your organization to liability for equal pay violations
- How a comprehensive compensation program compliments the strategic vision of the organization
- And much more!
In just 90 minutes, you'll learn the issues to consider when performing a compensation audit of current pay practices and get a checklist of issues and processes as guidelines for conducting a successful audit.
About Your Presenter:
Dan Kleinman is the principal of Dan Kleinman Consulting, a California-based compensation and human resource consulting firm. For the past 22 years, he has served as an independent consultant for a broad spectrum of regional, national, and international companies, providing compensation, performance, organizational planning, and reward-system design services.
Prior to consulting, he spent 20 years in the financial and telecommunication industries, where he managed compensation and benefits departments for Wells Fargo and for subsidiaries of Pacific Bell (now part of AT&T). His last assignment was serving as vice president and manager of compensation, benefits, human resources information systems, and payroll for Charles Schwab.
Mr. Kleinman has taught compensation principles for World at Work and the American Bankers Association graduate school. He has written and been published on current compensation issues facing business. He has been used as a content expert for such publications as Business Week, Inc. magazine and the Los Angeles Times.
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|Licenses / Designations / Educational Credits:||PHR / SPHR Re-Certification Credits|
All US States: 1.5
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|Keywords For This Course:|
Compensation audit, competitive pay, base pay, variable pay, incentives
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