Learning Options

Market Pricing—Conducting a Competitive Pay Analysis
Certification Course: GR17

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.

Who Should Attend

Compensation and HR professionals with an interest in or responsibility for identifying competitive rates of pay, job evaluation and compensation.

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

	Credits GRP: Elective through Dec. 31, 2009 Under Current Certification Requirements; Required Effective Jan. 1, 2010 Under New Certification Requirements (compare current and new GRP requirements) Recertification: 2 course, .5 Exam CEUs: 1.5 Course, .3 Exam PHR/SPHR/GPHR recertification hours: 16 CCP Equivalency: C17
	Faculty
	Course book amendments
	Test your knowledge

Consider Bringing This Course to Your Location This professional development program and others offered by WorldatWork can be customized to meet the unique needs of your organization and delivered at your location. For more information, contact a Corporate Education Resource Manager at 877/710-5970 or 480/905-5980.