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Competitive Market Pricing - Tips and Tools for a Successful Evaluation

Topic:
Competitive Market Pricing - Tips and Tools for a Successful Evaluation
Date:
September 11, 2012 at 11:00 - 12:00 PM ET
Presenters:
Diana Neelman, Senior Consultant / Principal(Compensation Resources, Inc.)
Mary Rizzuti, Principal & Sr. Consultant(Compensation Resources, Inc.)
webcastImgVirtual
Description
Determining the market value of a specific job is a key task of a human resources and compensation professional when the company believes in paying competitive wages. Knowing how to set competitive pay is an essential element in order to attract, retain, and motivate the qualified talent. A consistent and effective methodology that measures the market price and gauges what other companies are doing ensures that your company recognizes the market value of positions and uses that data to develop appropriate pay levels.

There is a plethora of published survey data available to provide key information, and how best to use this information requires a degree of expertise and analysis. Join us during this informative session as we describe the process for conducting a competitive market pricing analysis using a variety of resources. The webinar will focus on the following aspects:

• Defining a compensation philosophy and pay position
• Key terminology for market pricing
• What information you need in order to proceed with market pricing
• Finding accurate salary data using reputable sources
• Ensuring job comparability through the use of up-to-date job content
• Evaluating executive pay within the marketplace - a more detailed analysis
• Examining hybrid positions
• Conducting the analysis - calculations used to determine a central tendency
• Determining market value
• Using data to create a salary structure

Participants will learn the resources available to them for market pricing, including sources for published surveys, availability of subscription databases, direct peer data, and other reputable producers of pay data, so that the analysis can be solid and provide for a critical look at competitive compensation.

Who Should Participate
Human resources and compensation professionals; those with responsibility for analyzing and establishing compensation levels.
What You Will Learn
The importance of establishing a compensation philosophy before undertaking a market pricing exercise. Tools HR and compensation practitioners can use to conduct a market analysis. Analysis techniques used to evaluate the market value of positions. How to use the data to create effective salary ranges.
Recommended Resources
Compensation Resources, Inc. surveys
Communities
Compensation
Compensation Trends
Compensation Measurement, Reporting and Analysis
Compensation Modeling and Forecasting
Executive compensation
Presented by
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Diana Neelman
Compensation Resources, Inc.

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Mary Rizzuti
Compensation Resources, Inc.

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Event Sponsors
Compensation Resources, Inc.
Compensation Resources, Inc. (CRI) specializes in providing comprehensive Compensation and Human Resource consulting services including Executive Compensation, Sales Compensation, Salary Administration, Performance Management and Litigation Support.
File List
Feedback
Name Comment Rating
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4 / 5
Very Good Presentation
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5 / 5
Excellent Presentation
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4 / 5
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4 / 5
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4 / 5
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4 / 5
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4 / 5
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5 / 5
Excellent Presentation
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National OilWell Varco
4 / 5
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3 / 5
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5 / 5
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Wells Fargo & Company
5 / 5
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The E.W. Scripps Company
5 / 5
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Molson Coors Brewing Company
5 / 5
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Cameron International Corp
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5 / 5
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Epcor Utilities Inc
3 / 5
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Improveit Home Remodeling
5 / 5
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3 / 5
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3 / 5
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Image of Jennifer Brettmann Jennifer Brettmann
Children's Hospital and Medical Center
3 / 5
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3 / 5
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Image of Heather Devereux Heather Devereux
Octapharma Plasma Inc.
4 / 5
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Visionary Graphics Inc
5 / 5
Excellent Presentation
Image of Milad Rafati Milad Rafati
Huawei Technologies Co., Ltd. (Corporate Headquarters)
3 / 5
Good Presentation
Just a presentation tip - try to speak more conversationally as opposed to sounding like you are just reading a script or the content on the slides. 4 / 5
Very Good Presentation
many of the webinars related to compensation are basic standard or well-known practices; would like to hear more innovative approaches or changes taking place that relate to compensation practices 4 / 5
Very Good Presentation
Image of Mary Tucker Mary Tucker
Summit Health
providing a little more detail beyond what is on the slides would be helpful but what was provided will be very useful 4 / 5
Very Good Presentation
Image of N McDowell N McDowell
Unemployed
These 2 presenters did a great job. They were very clear provided a lot of up-to-date information and gave detailed instructions of how to perform our jobs better. That was very useful! 5 / 5
Excellent Presentation
Image of Gail Epperson Gail Epperson
Cricket Communications
THis was one of the best most practical and usable webinars I have attended so far. 4 / 5
Very Good Presentation
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WorldatWork Society of Certified Professionals. Recertification credit for this event applies to the Certified Compensation Professional (CCP®), Certified Benefits Professional® (CBP), Global Remuneration Professional (GRP®), Work-Life Certified Professional (WLCP®), Certified Executive Compensation Professional (CECP™) and Certified Sales Compensation Professional (CSCP™) designations granted by WorldatWork Society of Certified Professionals.

Recertification credit for this event can be taken by entering it into your online WorldatWork Society recertification application and entering the program date, title and length. Please note that the CECP and CSCP designations require a minimum number of credits from executive and sales compensation-related activities. For more information on recertification, visit the WorldatWork Society recertification webpage at www.worldatworksociety.org/recertification.


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