Compensation Systems Explained: Essentials of Creating Pay Structures

Duration: 90 Minutes
Less than half the companies with fewer than 100 employees have formal salary structures and only 70% of all U.S. companies have such structures. Yet almost all companies report that they have hard-to-recruit positions and they are vulnerable to loosing top talent. Having a competitive well-designed compensation system has long been a corner stone of employee recruitment and retention and regardless of the economy, it is critical to have a competitive compensation structure that fulfills your company's goals. This webinar will give you the tools to get started in developing a base pay plan or tune up your current plan. It will present a broad overview of the philosophy and application of compensation systems.
Creating a Compensation System
Instructor: Wesley Pruett
Product ID: 502019
Objectives of the Presentation
  • Compensation policy
  • Internal and external equity
  • Ranges
  • Grades
  • Position analysis
  • Job evaluation systems
  • Point factor systems
  • Benchmark positions
Why Should you Attend
This webinar by expert speaker and HR consultant, Wes Pruett, will explain the fundamental concepts of how to create a compensation system as well as focus on the process of creating a market-based salary structure. You will be informed about the concepts of salary ranges, internal/external equity, benchmark positions, grades etc. using market analysis to establish midpoints and pay ranges, options for salary range movements, slotting through non-benchmarking jobs as well as calculate compa-ratios. You will also learn about the sample pay grades with variable ranges. The webinar will also provide with the tools to develop or update your current base pay plan. You will get to know the fundamentals of market pricing, compa-ratio, grades, and ranges to give your organization the means to confidently build a competitive and effective pay structure.

This webinar will focus on building a market-based compensation system that will allow your company to be competitive within their industry. It will also assist you in building a workable systematic compensation program that is fair, understandable, consistent and defensible. Get the tools needed to start developing a base pay plan or tune up your current plan with the help of this webinar. You will get a broad overview of the application and philosophy of compensation systems.

Areas Covered
  • How to design an effective base pay system or improve upon your current base pay plan
  • The relationship between midpoints, market pricing and salary grades
  • Whether your organization leads or lags in the market
  • How to define your organization's compensation philosophy
  • The basics of job analysis and salary grade placement
  • What is a compa-ratio and why does it matter?
  • Methods for moving through the range
  • How to build a salary grade system
  • Accelerated progression to the midpoint
  • Receive model salary grades and ranges
Who will Benefit
  • CFOs
  • COOs
  • Senior Managers
  • Directors
  • VPs
  • Employee Contracting Organizations
  • HR Professionals
  • Payroll Professionals
  • HR Managers
  • Owners
  • Office Managers
  • Payroll Manager
Topic Background
For most organizations, a competitive and well-designed compensation system is the cornerstone of effective employee recruitment and retention. However, statistics shows that 30% of organizations in the US have no formal pay in their system! And if you're counting small businesses, the number is higher -almost 50% of companies with 100 employees or less lack a proper compensation system in place. Obviously, with lack of inadequate and ill-designed pay system, you're bound to lose your top talents. And it is them, the top players, who become easily frustrated if salary discussions aren't addressed or handled professionally. With a solid compensation structure in place, your employees feel secure about their career and compensation.

Almost all companies report that hard-to-recruit positions have come up, and that they are vulnerable to losing a top talent. Effective employee recruitment and retention has a well-designed, competitive compensation system regardless of economy, and it is critical to have a competitive compensation structure in place to fulfill the goals of your company.

$300
Recorded Session for one participant
Get life time access with download option!
Book this course
Pay Now
  $450.00 Training CD
Free shipment within 4 Working Days of placing the order. Get life time access for unlimited participants.
  $550.00 Training USB Flash Drive
Free shipment within 4 Working Days of placing the order. Get life time access for unlimited participants.
For multiple location please contact our customer care team +1-510-857-5896.
How it works
Live Session - How it works
  • Login to onlinecompliancepanel with your registered username and password https://www.onlinecompliancepanel.com/login
  • The webinar joining link, username and password for joining the webinar will be updated on your OCP Account 24 hours prior to the webinar
  • Presentation handouts in Downloadable PDF format will be updated on your OCP Account 24 hours prior to the live session
  • Login to the audio conference on the scheduled date and time
  • Get answers to your queries through interactive Q&A sessions via chat at the end of the session
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account 24 hours after the completion of the session
  • Please let us know your thoughts and views at the end of the webinar, your valuable feedback will help us improve
Recorded Session - How it works
  • Login to onlinecompliancepanel with your registered username and password https://www.onlinecompliancepanel.com/login
  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Wes Pruett is the owner of HR Advisors LLC, a consulting practice that provides service to clients who seek to align their business and employees creating successful outcomes and excellent work environments. After 20 years in senior leadership within the Mayo Health System he founded HR Advisors.

Mr. Pruett provides solutions to companies for a wide variety of HR issues including compensation, compliance, policy development, performance management, and employee relations. Mr. Pruett regularly facilitates employee training related to communication, leadership, coaching and strategic planning. He is a certified business coach credentialed by the International Coach Federation and an authorized provider of Five Behaviors of a Cohesive Team and Everything DiSC.

He earned a Masters in Healthcare Administration at the University of Minnesota Carlson School of Management and an M.S. in Psychology.
View More