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.
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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:|
salary, compensation, budgets
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