Category: Salary Administration
Field of Study: Specialized Knowledge & Applications
Audience: HR Managers, Compensation Managers, Compensation Analysts, HR Generalists, Managers
Level of Difficulty: Basic
Delivery Method: Group Internet-Based
External competitiveness is a prime objective for most organizations, but the approach taken to measure competitiveness may differ from one organization to another. In fact, competitive objectives may change within the same organization over time, especially when financial performance fluctuates.
The goal of "market pricing" is to collect and analyze data that will meet the organizational objective of identifying external competitiveness. Market pricing is not an exact science, but a sound and practical approach using summary statistics from published surveys that can add validity to the market pricing process.
This webinar will discuss practical guidelines that may be used for identifying, selecting, analyzing, and using market data to complete essential tasks in determining external competitiveness and establishing a competitive market-based pay program. The importance of communicating the compensation program effectively will also be discussed and practical tips will be provided to assist you in “getting the message” to your employees so that they may understand and, ultimately, buy into the program.
- How to define your organization’s compensation philosophy and market pricing objectives
- Identification and selection of salary survey sources
- The importance of matching benchmark jobs
- How to interpret salary survey data
- How to determine market rates and competitiveness of current pay
- Considerations in developing salary ranges
- Ways to adjust or update a pay structure
- Tips on communicating the compensation plan
Debbie Lambert, CCP, CBP, GRP
Debbie is Managing Director for ERI Salary Surveys. With more than 25 years of experience in compensation and benefits consulting, she has designed and implemented a wide range of compensation programs in industries including transportation, energy, managed care services, health care, and the public sector. Debbie pioneered the field of compensation by being the first compensation professional at organizations such as FedEx, Electronic Data Systems, and Kemper National Services. Experienced in all aspects of compensation and benefits design, Ms. Lambert holds the WorldatWork Society of Certified Professionals' Certified Compensation Professional and Certified Benefits Professional credentials. Prior to joining ERI, Debbie was an independent compensation and benefits consultant and was previously employed as the Senior Compensation Consultant/Manager for Harrah's Entertainment. She has been a member of the SHRM Consultant's Forum for the last six years and has served on the boards of the South Florida Compensation & Benefits Association and the Mid-South Compensation Association. Ms. Lambert holds a Bachelor's Degree from the University of Memphis.
Credit Hours - You must attend for 90 minutes to be eligible:
- JCA: 1.5 hours of JCA credit towards your Job and Compensation Analyst credential, earned online at www.eridlc.com.
- Salary Assessor® Compensation Software: You will receive a free demo edition of ERI's Salary Assessor software, which provides the most extensive analysis of competitive rates in existence. This tool has been used by thousands of organizations since 1987 and provides salary and incentive pay for more than 6,300 positions. Salary data in the Assessor may be reported by organization size, industry, and geographic location; reliability statistics are provided. A specific salary planning date may be selected to ensure that data is aged to meet the user's needs. A benchmark list may be used within the program for ease in analyzing total competitiveness.
- Webinar PowerPoint Presentation: All attendees will receive the PowerPoint slideshow for this webinar and may use it in staff training.
- In order to view the webinar, you will need:
- Computer with Internet connection so you can view the presentation. Use this Test Link to make sure you can join the webinar. Run the test well before the webinar is scheduled to begin.
- Phone to participate in the audio portion of this webinar (ask questions, etc.).
Supported Operating Systems and Browsers
XP SP3, Vista, Windows 7
Internet Explorer 6.0 or higher (Recommend ActiveX enabled), Firefox 3 or higher (Recommend Java installed), Google Chrome
OS X 10.5 (Intel), 10.6, 10.7
Firefox 3 or higher, Safari 3 or higher
Java Runtime Environment (JRE) 5.0 or higher