By attending this webinar, you will learn what a formal compensation program is. This session will give you an understanding of the six steps in building a formal compensation program.

Human Resource practitioners or General Managers should attend this program to create and implement effective Compensation strategies that can become a competitive advantage for their companies.

You will benefit by learning strategies that can help to establish equity (i.e. fairness), simplify pay program administration, and be a more effective strategic partner in the business. A haphazard, laissez-faire program will lead to the same result that such programs lead to in larger companies: employee relations issues! Our pragmatic Webinar Leader, David Wudyka, SPHR, MBA, will share his considerable insight on this topic.

Areas Covered in the Session:-

• Why using a structured approach to pay program design is important
• What is a "formal Compensation program"?
• The six steps in building a "formal Compensation program"
• Four goal-based characteristics of "pay strategy"
• The importance of pay equity, and the two forms it takes
• The difference between "Procedural" and "Distributive Justice"
• Qualitative vs. Quantitative performance assessment: which is better?
• Is it ok to use more than one payment system "under one roof"?
• Why is it important to use "pay ranges"?
• Job Evaluation? Why can't we just "market price" our jobs?
• How can we get the most out of our modest merit budget?
• The controversy about the use of Weighted Averages vs. Medians
• "We can get pay survey data for free? Where?!"
• The most common pay program problem in companies of all sizes
• Who are your "key contributors" and why are they so important?
• Don't have enough cash compensation? Consider "cost-shifting"!
• A common confusion about "cost of living increases"
• Considering mimicking your competition? Don't do it!
• Considering conducting your own pay survey? Don't do that either!

Who Will Benefit:-

• Human Resource Managers
• Compensation Analysts
• Compensation Managers
• Financial Managers of HR Departments
• CEO's and General Managers of small companies