Market Competitiveness and Internal Equity: Striking the Right Balance in Your Compensation Programs | Sessions

Balancing market pay and internal equity is a challenge when developing your compensation plans. You must choose aligned survey sources to ensure you are paying market rates. Equally important is to make sure your organization's internal values are represented. After all, the market operates on pure supply and demand, with no inherent 'values'; whereas your organization has values that must be recognized, such as, pay equity, core position identification, and other company-culture considerations. How do you reconcile the two? In his presentation, John Rubino discusses the most important techniques and methodologies to ensure that you strike the right external and internal balance. You will learn how to articulate your organizations compensation philosophy and pay policy, choosing your benchmark jobs, identifying and analyzing survey sources, as well as internal job evaluation and pay equity methodologies, and much more - all to achieve an optimal balance in your compensation programs!

Learning Objectives:

• Identify and apply the optimal emphasis for your organization between market competitiveness and internal equity, to ensure that your compensation programs are properly equipped to attract, retain and motivate a well-qualified and motivated workforce.
• Create and articulate your organization's compensation philosophy and pay policy.
• Identify and analyze your benchmark jobs and valid market survey sources to ensure market competitiveness.
• Identify and apply the most-aligned internal job evaluation and pay equity methodologies to ensure that your organization's core values are properly represented in your compensation programs.
• Discuss additional tools and techniques to ensure that you are striking the right balance between market competitiveness and internal equity in your compensation programs.