Benchmarking & Slotting Jobs: How To Seamlessly Mesh The Two To Optimize Compensation Success
It makes sense for HR to establish benchmarks for your organization’s base pay levels and to compare your levels to others in your recruiting area and industry. If what you’re offering isn’t stacking up to your competitors, you’re likely to lose talent to other organizations.
Finding surveys to compare your pay grades with others can be daunting, but worthwhile to optimize your compensation strategy. In addition, job slotting can fill in the gaps in a compensation plan when a job is so unique you can’t find comparisons in the market. HR can set the pay grade by evaluating these in accordance with current benchmarked jobs within the organization.
To do so, HR must create clear job descriptions and determine factors that can affect pay. In this way, HR can use the benchmarked positions to determine a pay rate which is competitive in the marketplace and internally equitable. This process can help minimize the risk of discrimination or other complaints, and can help ensure your organization has a fair compensation policy.
Combining the two approaches—benchmarking and slotting—can provide needed assurance that your organization is competitive within the industry and less exposed to discrimination claims. In addition, you are less likely to be embroiled in salary negotiation hassles. Having a fair and competitive compensation strategy in place also helps ease the hiring process and motivate employees.
It sounds like a tall order—and it can be if you aren’t prepared.
Join us for tips on how to get a handle on a fair and competitive compensation strategy.
And much more!
- How to benchmark jobs according to market data
- Where to find reliable surveys—and how many to use
- How to ensure the benchmarked job descriptions are up-to-date
- Reviewing the data to ensure competitiveness
- What job slotting is—examples of how to compare and evaluate unique positions
- How to work with supervisors to sync your rationale behind pay determinations
- How to determine value in unique jobs by looking at different factors included in the job description
- Setting minimum and maximum pay grades
- When you should review and update your pay rates
- Documenting your process to ensure fairness and protect against liability
About Your Presenter:
Frank Kyler, Senior Director - Compensation and Benefits at Noven Pharmaceuticals, Inc., offers more than 15 years of progressive total rewards experience having worked in various industries including pharmaceuticals, insurance, media and aerospace. He has provided trusted advice and consultation to small, medium, and large organizations with domestic and international employees and presence.
His recent experience includes building, aligning and implementing total rewards programs in the areas of compensation, career pathing, culture branding, benefits, rewards, incentives and HRIS/ERP systems. In addition to his role at Noven, Mr. Kyler also operates Kyler HR, LLC (kylerhr.com) providing consulting services to organizations in need of Total Rewards guidance, services and support.
|Licenses / Designations / Educational Credits:||PHR / SPHR Re-Certification Credits|
All US States: 1.5
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||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.
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|Keywords For This Course:|
Benchmarking, Compensation, Slotting, HR
|Currently Scheduled Dates For This Webcast|
|Benchmarking & Slotting Jobs: How To Seamlessly Mesh The Two To Optimize Compensation Success||CD/On-Demand||$229.00||
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