GRP – GR17: Market Pricing – Conducting a Competitive Pay Analysis

Market Pricing - Conducting a Competitive Pay Analysis (Certification Exam C17/GR17)

Learn to conduct an effective compensation analysis methodology to determine a job's market value. This course teaches the skills needed to market price benchmark jobs and slot non-benchmark jobs into a salary structure for your organization. You will learn a consistent methodology for conducting a competitive pay analysis and ensure that it meets your organisation's hiring and retention goals.

• Review common compensation strategies, base pay structure design, and the establishment and use of a job worth hierarchy.
• Discuss how market pricing can support an organisation's business strategy.
• Discover data sources, data collection options, salary survey formats and use of job matching.
• Learn how the data from salary surveys can help you develop the market rate for benchmark jobs.
• Discuss the use of statistical analysis tools and aging, blending, weighting and slotting data.
• Learn how to handle exceptions or special situations.
• Find out how to communicate market pricing to upper management and your organisation.

What You Will Learn

Total Rewards and the Compensation Function
• The total rewards model
• Compensation philosophy and strategy
• Base pay structure design
• Job worth hierarchy

Market Pricing and Business Strategy
• Terminology
• Market pricing steps
• Market pricing - advantages and disadvantages

Survey Data
• Data sources
• Data collection
• Salary formats
• Job matching

Collecting Survey Data
• Survey selection
• Data Integrity
• Multi pie survey sources
• Statistical data points
• Documentation

Utilising Survey Data
• Aging data
• Blending and weighting
• Regression
• Internal versus external equity
• Case study

Exceptions and Special Situations
• Total compensation
• Incentives

Communication
• Communication with upper management
• Organisation-wide communication
• Communication and survey sources