Aging Market Data: What Lead, Lag, And Lead-Lag Really Mean And How To Apply Them To Strengthen Your Salary Strategy
|Date / Time:
When reviewing salary budgets, employers often must make some tough decisions. For example, should the company lead, lag, or lead/lag the market rate? What variables play a role in aging market data to suit the needs of the business? When is it time to retire your current market data? The best strategy depends on your organization’s goals and priorities.
If your organization is looking to attract and retain high-performance talent, setting the rate to lead the market may make sense to appeal to those who demand a higher rate of pay. Conversely, if your organization is less focused on building up talent and looking to limit recruiting, it may be wise to lag the market rate. The company that lead-lags the market rate may start out the plan year at a higher rate but lag the market rate by the end of the year.
Which of these three options will suit best your organization’s needs, how do you determine the formula to set salary rates and what other factors come into play?
Join us when Michael Strand, SPHR, SCP-SHRM, consultant for HR Dynamics, Inc., will tell you what lead, lag, and lead-lag really mean so you can determine an appropriate strategy for your particular salary budgets and learn tips on where to get the best data and how to formulate a salary strategy.
Secure your seat at this timely webinar that will answer your questions about what lead, lag, and lead-lag can be applied toward your company’s success!
- The ins and outs of lead, lag, and lead-lag—and which will work best for your organization
- What an aging factor is and how to compute it
- How each approach affects your organization’s ability to attract and retain talented employees—or stay within budget
- Tips for determining the correct rate for your organization’s needs
- Where to get your data, and when it needs to be updated
- How to use multiple surveys and apply a common date to each to get the best results
- How the data should be used regarding current (incumbent) employees
- And much more!
About Your Presenter
Michael Strand, SPHR, SCP-SHRM
HR Dynamics, Inc.
Michael Strand has over 35 years of human resources experience at the executive level. He is certified as a Senior Professional in Human Resources (SPHR) and a Senior Certified Professional in SHRM. He has served as the HR Director of five non-profit organizations ranging in size from 550 employees to 4,000 employees in both union and non-union environments. In 1991, Mr. Strand founded his HR consulting firm, HR Dynamics, Inc. He provides compensation, benefits and employee-relations advice to numerous clients, large and small, for profit and non-profit.
Mr. Strand is an adjunct instructor at Catholic University of America in the Masters of Management and Human Resources programs. Additionally, he has been an adjunct instructor at George Mason University to undergraduate students earning a Bachelor degree in health services administration. For Prince George’s Community College, he has taught a number of the Society for Human Resources Management modules to human resources professionals in preparation for the certification exam.
Mr. Strand has conducted workshops and authored articles and book chapters on compensation and benefits, including market-based compensation.
|About Webcasts / Audio Conferences / Podcasts:|
Webcasts, audio conferences, and podcasts are presentations that you
attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.
versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without
any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back
at work immediately after the session ends!
And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous
times and to share it with others in your office.
Handout materials and the phone number for live presentations are made available to you prior to the event via email from the
presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.
|Licenses / Designations / Educational Credits:||PHR / SPHR Re-Certification Credits|
All US States: 1.5
|About The Provider:
||BLR® is the leader in helping organizations, and their employees, reduce safety, environmental and employment compliance-related legal exposure, stay on the right side of law, and achieve their full potential. We offer best-in-class compliance product and services that includes news, information & analysis, best practice guidance, employee training and turn-key tools delivered in a wide range of formats from online applications, live events and websites to books, CD's, Video, Posters and newsletters geared to all sized organizations and industries.
||Contact Us For More Information
||Share on Facebook
Share on Twitter
Share on Google+
|Keywords For This Course:|
salary, compensation, budgets
A Post-Election Survival Guide For Employers
Dress Code Policy Do′s and Don′ts
Internal Investigations Certificate Program
Garnishments, Child Support Orders, And Other Levies
Reasonable Or Unreasonable Accommodation? How To Identify Disabilities And Handle Employee Issues - Without Violating The ADA
Certificate Program In FMLA &ADA Compliance
Rules And Requirements For Employee Expense Reimbursements
Certificate Program For HR Generalists
How To Keep HR From Being The Employee Complaint Department
Assertiveness Skills For HR Professionals
HRCI / SHRM 60 Hour Re-Certification Training Suite
IRS Rules For Travel Pay
How To Deal With Employees Who Are Chronically Late Or Absent
Dealing with Difficult People
9 Ways To Spot, Handle, and Reduce Workers′ Comp Fraud