Market Pricing: How To Set Competitive Pay Rates And Ranges With Market Data

Webinar: ID# 1034520
Recorded On-Demand
About This Course:
Determining the correct market rate for talent’s compensation is challenging. If you’re underpaying, an employee may opt to move on. If you overpay, you’re potentially throwing cash away.

Using market data can help you determine a fair rate that can keep your organization competitive and permit you to recruit and retain quality employees. But, finding out what surveys to use and then analyzing and preparing your pay structure can be daunting.

And, not all surveys are created equal, as some are of poor quality or overly complicated. Also, the data from one survey might not meet your needs. Consider, too, that some jobs have local pay data available for pricing while other jobs must be surveyed nationally. Finally, you’ll want to ensure you’re drawing data from companies that are similar to your own.

Once the survey report arrives, how will you use it? It can be downright tricky to find and accurately interpret the salary survey information you need to use. And, while building a pay structure solely upon market-based compensation can be intimidating, it doesn’t have to be.

Join us for an in-depth webinar led by a compensation expert, David Wudyka, MBA, BSIE, on how to create a balanced, accurate pay rate that is aligned with your market, and that doesn’t place your company in an overly expensive relationship to that market. You’ll come away with a clear understanding of the best practices for using surveys and data to determine pay rates and to remain competitive.What You'll Learn:
  • Use market data to determine pay ranges
  • Tell the difference between market-based pay structures and traditional, broadband, or step structures
  • Select market data surveys using the position you’re determining the pay for, the size and location of the company you want to compare, and more
  • Analyze market date for best results
  • Facilitate buy-in from management and staff
  • Compensate employees relative to the pay ranges
  • And much more
Market Pricing: How To Set Competitive Pay Rates And Ranges With Market Data
Available or On-Demand format
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