Developing & Implementing A Compensation Structure (with Performance Management & Incentive Compensation Integration

Overview

Sound compensation practices are critical to organizational success in today’s competitive labor market. Organizations and their leaders need to ensure employees are compensated fairly to attract, engage, and retain top talent resulting in competitive advantage. 

Compensating employees is a key organizational function under the Human Resources team. However, compensation philosophy and management impact every area of an organization. Building a market-competitive compensation structure that is (and can be easily understood by its employees) requires several fundamental factors. 

These factors and the accompanying system serve to ensure organizations are not overpaying or underpaying their employees. In addition, they enable an organization to demonstrate its having a defensible system in place – especially during a time in which government (at the federal, state and local locals) have a heightened interest in holding employers accountable for equality in all aspects of employment, including pay.

Why you should Attend

This webinar on the important subject of compensation gives education and insights into:

• The three most commonly used methods for establishing your organizations. compensation structure 
• Using your structure as part of determining internally equitable and market  competitive pay, including individual employee pay

Areas Covered in the Session

• Identify the four primary objectives of compensation
• Explain each of the three most common approaches to developing a compensation program
• Teach how to develop a properly structured and administer compensation program  that will:
• • Help attract top talent
  • Retain employees
  • Enhance employee satisfaction while efficiently using financial resources
• Walk through Job Analysis, including:
• Its 5 steps
• Its 4 purposes
• A Job Description model that will help in:
• • Establishing where the position fits into the overall pay structure
  • Determining if the position is exempt or non-exempt under the Fair Labor Standards Act
• Give a detailed description of the steps to create your compensation structure
• Key principles
• A model that you can adopt (or modify/adapt) for your company

Who Will Benefit

All the following will derive important benefits by attending this webinar:

HR professionals at all levels, particularly those who:

• Have responsibility for Compensation or Recruiting/Talent Acquisition
• Desire to gain valuable professional development related to Compensation

Management 

Managers who desire to communicate better with their employees about compensation by improving their understanding how an organization establishes its pay structure and its basis for individual employee pay.