Market Pricing: Conducting a Competitive Pay Analysis

Learn to build competitive market-related pay structures that support your organization’s compensation strategy and boost your odds of successfully attracting, retaining and motivating employees.

You’ll learn a methodology for conducting a competitive pay analysis; you’ll also be able to assess how your approach supports your organization’s hiring and retention goals, and compensation strategy.

The skills you gain will help you develop and design effective compensation packages, and confidently communicate to senior and executive leaders, people leaders, and employees about how their market-related compensation is determined.

What You Will Learn

How to design a total rewards program, including a base-pay structure.

Market pricing and business strategy, including, compensation philosophy, market position, and business life cycle.

Market-based pay versus a pure market pricing approach – and the pros and cons of market-based job evaluations and pay design.

Understanding salary survey data so you’ll know which options are most relevant for your business and employees.

Leveraging salary survey data via aging, blending, adding a premium, weighting, modeling, and regression analysis.

Who Will Benefit from This Course?

The course is ideal for HR and compensation professionals responsible for salary benchmarking and compensation program development. It is also well suited to professionals who lead programs in total rewards, remuneration, compensation and benefits, as well as people leaders who want to better understand market pricing.

Course Requirements

Knowledge of basic mathematical concepts is recommended, including mean, median, weighted average, compa-ratio, percentiles, and calculating percentages.

Course Credits

WorldatWork Certification:

Successful completion of this course and its accompanying exam can be applied to both the Certified Compensation Professional and Global Remuneration Professional certifications.

WorldatWork Recertification:

Course — 2.0 credits

Exam — 0.5 credits

CEUs:

Course — 1.5 credits

Exam — 0.3 credits

HRCI Recertification:

Course — 16 classroom hours

SHRM Recertification:

Course — 16 classroom hours

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