How to do a compensation study? With employers experiencing increased numbers of vacancies and a volatile market, many organizations are revisiting their compensation strategy. Compensation studies are a mechanism that employers can use to analyze current pay practices, determine competitiveness in the market, and identify potential changes to attract and retain staff.
This webinar will provide an overview of the preparation needed for a successful compensation study, such as:
• Identifying whether a compensation study is appropriate for the organization
• Identifying the organization’s compensation philosophy and desired market position
• Revisiting current pay practices and salary structure, and the organization’s ability/willingness/desire to change structure
• Identifying needed scope of the project
• Gathering required documents and Information prior to study kickoff
• Identifying benchmark classifications and comparable labor market agencies
• Considering resources and implementation feasibility