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In this webinar we will build a pay structure, starting from hypothetical pay survey data.
Why should you Attend:
Learn how to build a pay structure without regression analysis. This technique is not only easier, but it possesses an advantage that regression techniques don't possess. Specifically, pay lines can be created and manipulated that consider the importance of various job classifications to the organization. The result will be that you will understand the method for doing so, and will be better able to explain what you have done, and what it means, to others in your organization.
Areas Covered in the Session:
Who Will Benefit:
- What data to use from pay surveys you possess
- The importance of benchmark jobs and their associated data
- How much survey data to use for building the pay structure
- What a "weighted average" is
- What to use as a measure of the pay range midpoint: "weighted averages" or "medians"?
- The value of on-line pay data: is it quality data?
- How wide pay ranges should be
- The ideal range for "midpoint to midpoint spreads"
- What the "seed data" should be for the development of pay ranges
- How to test and integrate your employee pay rates into the new pay structure
- How often to update your pay structures
- Human Resource Managers
- Compensation Analysts
- Compensation Managers
- Financial Managers of HR Departments
David J. Wudyka, MBA, is the Managing Principal of Westminster Associates of Wrentham, MA (www.westminsterassociates.net). He has over thirty years experience as a Human Resource Consultant with a specialty in Compensation Consulting. David has taught extensively in colleges and universities such as UMass Boston, Bryant University, and the U.S. Coast Guard Academy. David is especially interested in how the HR Dept. can strengthen its role as a Strategic Partner in businesses today. He is writing extensively about how to improve pay transparency and to reduce the gender pay gap in ways that make sense for businesses of all sizes.