How does your organization determine how much to pay employees across their different roles? How do you balance the need to attract and retain talent with the need to promote internal pay fairness? It is crucial that your organization define clear answers to these questions.
Employee salaries are typically among the highest business expenses. Making compensation decisions in ways that attract the best talent and contribute to internal fairness is a major concern of human resource professionals. Some organizations have compensation structures in place, while others do not use them at all. This course provides a comprehensive overview of the use of compensation structures.
You'll start by exploring some of the philosophical concepts underpinning pay structures. You'll look at the decisions your organization will need to make before creating a pay structure. After you examine the philosophical and practical considerations, you'll see how to develop a pay structure. Professor Tae-Youn Park leads you through the process of building a pay structure for your organization, providing a step-by-step framework that you can bring back to your organization. He then gives you hands-on experience with developing a pay structure that matches both your organization's needs and its values. Along the way, you will discover how to collect, choose, and use market pay data.
Finally, you'll take a close look at some specific issues with pay structures. You'll discover how to use a pay structure to make decisions around employee pay. You'll explore the advantages and disadvantages of pay transparency. You'll end the course by identifying the various teams within your organization who need to be engaged to help manage pay structures effectively.
By the end of this course, you will be ready to make informed decisions about pay structures for your organization. You'll be able to assist senior leaders in articulating a pay philosophy and determining a pay transparency policy. You will also have the insights you need to advise senior management. Throughout the course, Professor Park weaves research-based information with practical advice so that you'll be prepared to guide your organization through the process of designing and managing compensation structures.
The following course is required to be completed before taking this course:
- Total Rewards Compensation
