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Market Pricing—Conducting a Competitive Pay Analysis
Certification Course: C17

Avoiding Analysis Paralysis

This course will provide a consistent and effective methodology for market-pricing benchmark jobs within an organization. Participants will have an opportunity to develop their data utilization skills through classroom practicum exercises.

• Review common compensation strategies, base pay structure design, and the establishment and use of a job worth hierarchy.
• Discuss how market pricing can support an organization’s business strategy.
• Discover data sources, data collection options, salary survey formats and use of job matching.
• Learn how the data from salary surveys can help you develop the market rate for benchmark jobs.
• Discuss the use of statistical analysis tools and aging, blending, weighting and slotting data.
• Learn how to handle exceptions or special situations.
• Find out how to communicate market pricing to upper management and your organization.

What You Will Learn

Total Rewards and the Compensation Function

• The total rewards model
• Compensation philosophy and strategy
• Base pay structure design
• Job worth hierarchy

Market Pricing and Business Strategy

• Market pricing
• Terminology
• Market pricing steps
• Market pricing — advantages and disadvantages

Survey Data

• Data sources
• Data collection
• Salary formats
• Job matching

Collecting Survey Data

• Survey selection
• Data integrity
• Multiple survey sources
• Statistical data points
• Documentation

Utilizing Survey Data

• Utilizing Survey Data
• Aging data
• Blending and weighting
• Regression
• Internal versus external equity

National Plastics and Rubber Manufacturing — A Case Study

• Case study

Exceptions and Special Situations

• Total compensation
• Incentives

Communication

• Communication with employees and upper management
• Organization-wide communication
• Communication and survey sources