Internal And External Equity: How To Create A Fair And Balanced Compensation System
Underneath all the complex formulas, dollar signs, and decimal points, compensation is really about how people are valued. So fairness is of critical importance.
Humans are competitive creatures. We can’t help compare what we’re making to what others make, both in the cubicles next to us and at your competitors across town. Determining the right balance between internal and external equity is a key aspect in developing a compensation strategy for your organization in which people feel valued.
The federal government calls this creating a “fully defensible system,” paying equal attention to the design, management and administration of the internal and external elements of your total compensation program. Failing to do so means that you’ve focused upon only one half of the total pay system!
Here’s an example: without a job evaluation plan that determines the relative worth of jobs, how will you evaluate the market value of your non-benchmark jobs? You can’t “market price” them because pricing doesn’t exist in pay surveys for non-benchmark jobs. No other organization has the same non-benchmark job as yours!
Therefore, designing, managing, and administering both internal and external equity is a critically important part of your total compensation program.
Join us to learn the internal and external issues within today’s complex compensation structure. Through the use of sample job descriptions as illustrations, our speaker, a skilled compensation consultant, will help you figure out how to perform your internal/external equity analysis and to determine if your organization is paying your employees fairly.
In just 90 minutes, you’ll learn how to evaluate whether your organization is paying fairly based on internal and external equity-based considerations.
- The difference between internal and external pay equity
- Internal equity study steps to determine if it exists in similar jobs within your organization, including:
- The role of pay ranges in determining internal equity
- How a “fully defensible pay program” is generally defined
- Why non-benchmark jobs can’t be “priced”
- Why you shouldn’t simply price jobs without an internal study of work
- How to use pay survey data to make solid internal-external equity comparisons
- What to do if you discover big gaps between internal and external equity
- How external equity factors play into internal equity analysis
- The important role job evaluation plays in the success of your critical analysis
- A simple way to determine your company’s “job worth hierarchy”
- And much more!
About Your Presenter
David Wudyka, SPHR, MBA, BSIE, managing principal and founder of Westminster Associates in Wrentham, Massachusetts, manages and oversees all Company operations, including the design, development and implementation of all client HR programs. His specialties include the design of compensation systems, human resource analytics, HR audits of HR operations, employee retention strategies, and group incentive plans. When Mr. Wudyka is not consulting he is an Instructor at UMass Boston in various business topics and courses, an Instructor in the SHRM Certification Program for Human Resource Professionals at Bryant University, and an SAT Test Tutor at Chyten Educational Services in Massachusetts.
|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.
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|Keywords For This Course:|
Compensation, Pay Equity, Job Evaluation
|Currently Scheduled Dates For This Webcast|
|Internal And External Equity: How To Create A Fair And Balanced Compensation System||CD/On-Demand||$229.00||
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