As we begin to advance through 2020, it’s probably time for compensation professionals to review pay ranges and think about re-ranking jobs, moving positions, reviewing internal equity, or adding variable pay systems into the total reward compensation mix. You might be hoping that a change in your pay grade structure will result in getting maximum productivity from your employees, and at the very least, retaining top talent.
Whether you want to reward performance, time, knowledge, skills, or competencies, determining pay grades is the first step to creating an equitable, competitive compensation system. Without accurate pay grade determination, it won’t matter how good the pay survey data is that you may acquire, your internal compensation will likely be too high or too low.
Learn how to create an equitable, but competitive compensation system and attract and retain the best employees. Attend our in-depth webinar with a seasoned expert on employee compensation, and learn how to put together the compensation puzzle for best results all around!
- What job grades are and the correct way to determine them, for either creating or revising a pay structure
- How a salary structure is built, with examples of different methods of putting them together
- When to pay above market—and when it makes sense to pay below
- Key ways that pay grades influence your performance/merit pay programs
- How pay grades interact with variable pay
- When and how to conduct an internal equity review
- How to address pay discrepancies and inequities without creating legal liability
- What to do about pay discrepancies between men and women in similar positions
- Laws to consider when putting a compensation policy in place