Is your organization’s current pay structure competitive in attracting or retaining the right talent from the job market?
Fixed pay, viewed within the context of total rewards, is a vehicle to compensate and recognize the worth of a job. Fixed pay on the basis of compensation relates to the job and the job requirement. The importance of fixed pay cannot be neglected as it makes up a significant component of monetary rewards for a large employee population in any organization. In order for your organization to stay competitive and retain talent, managers need to ensure that fixed pay is externally competitive as well as internally equitable.
At this workshop, HR professionals will learn the components and fundamentals of creating a good base pay structure and the key considerations for a robust total rewards package for employees.
Mercer defines total rewards as a holistic value proposition that an organization provides to its employees. The components of this value proposition are remuneration, benefits, career development, and work lifestyle. The aspects of remuneration, benefits, and career development are often captured in the definitions of rewards used by organizations and their employees today. The incorporation of work lifestyle as a reward component represents a new way of thinking in some organizations, and reflects the ways that organizations deliver value to their employees beyond remuneration and benefits. The career and work lifestyle component can also significantly influence employee engagement and performance.
• What is base pay?
• What is base pay?
• What are the components of fixed pay?
• Other considerations of fixed pay:
– Level/grades to determine internal equity.
– Market data to determine external competitiveness.
• What are the fundamentals of a good base pay structure?
– Design principles.
– Internal equity, external competitiveness.
– Administration and maintenance.
• Case study — develop a fixed base pay structure.
By attending this workshop, HR practitioners will be able to:
• Understand the importance of a base pay structure and the link to employees’ total rewards.
• Learn different types of base pay structure and learn the best practices.
• Develop an equitable and competitive base pay structure.
HR professionals, compensation and benefits practitioners, and anyone who is interested in understanding the concepts and design of fixed pay and the components of a fixed base pay structure