Navigating through economic hard times is difficult enough without having good tools. Compensation professionals usually have a preference for internal or externally-based approaches to compensation planning. Seeing these as competing rather than compatible methods will likely lead to strategic floundering by HR. This presentation will examine the current trends in both methods and look at some of the challenges to each in the context of current case studies. We will then present a case for a comprehensive methodology that will act as a beacon for ensuring your compensation philosophy is aligned with your strategic and tactical objectives.
The once popular Internal job classification and job valuation processes are reemerging due to the increased blending of job titles / positions, a desire for better understanding of the job requirements and competencies that drive higher levels of performance and the external pressure by regulatory agencies for more objective job valuing criteria.
These internal job valuing, ranking, slotting systems fell out of favor because they were mostly manual processes and very time consuming.
HR technology and systems are evolving to addresses these inefficient and manual systems and offer HR and Compensation professionals the tools necessary to be more efficient and effective with the internal and externally-based approaches to compensation management.
The use of external market pay studies that are published and/or available through annual paid subscriptions has increased significantly during the past two decades. The market pay data by business sector and geographical location is becoming more robust but it still has weaknesses due to fluctuating data points from one year to the next and missing data points outside of commonly recognized benchmark positions. Compensation and HR professionals need to address these weaknesses by implementing methods and steps to make market pay data more meaningful and valid.
Compensation and HR professionals using both the internal and externally-based methodologies with current or evolving HR software technology when formulating compensation management policy structures are in a better position to pin-point (GPS) and recommend compensation decisions that support strategic and tactical company objectives.
Who Should Participate
Compensation and HR Professionals
What You Will Learn
1) Internal and externally-based approaches to compensation planning.
2) Use of compatible methods will produce more accurate compensation management results.
3) The importance of aligning compensation philosophy with your strategic and tactical objectives.
Compensation Management Trends: Whitepaper by Mark Tocco
Really excellent presentation of the basics and how everything works together of Comp without being too basic. Really perfect. Thank you so much.
5 / 5 Excellent Presentation
Do you have any comments that you would like to share about the value of this session?
Please help others considering viewing the archive understand the value of the session. How would you rate this presentation?
Are you becoming an industry expert? Each One Hour Webcast on HR.com is reviewed and can qualify for an Institute for Human Resources credit. The Institute for Human Resources Certification Program provides HR Professionals with an opportunity to specialize in one vertical or domain, making them an Industry Expert. Each of HR.com’s webcasts are reviewed and evaluated against the verticals/domains criteria, and one credit hour can be applied to the appropriate vertical or domain.
For more information regarding the IHR Certification Program, please click here or visit: http://www.hr.com/en/ihr_certifications/
Did you know that each one-hour webcast is submitted to qualify for HR Certification Institute recertification credits? The archive of the webcast also qualifies recertification credits, for one (in some cases two) year(s) after the original broadcast. You can get your PHR, SPHR, GPHR and credits all without ever leaving your desk. We know how busy today's successful HR professionals are, which is why we're committed to delivering the best education to you in an easy and entertaining format. For more information about certification or recertification, please visit the HR Certification Institute homepage at www.hrci.org "The use of this seal is not an endorsement by HR Certification Institute of the quality of the program. It means that this program has met HR Certification Institute’s criteria to be pre-approved for recertification credit."
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.