How to Perform Compensation Benchmarking and Set Salary Ranges
HR leaders aiming to develop and maintain salary ranges for positions within their organizations face a bit of a Goldilocks problem: too narrow, and the salary ranges do not allow the organizations to reward long-tenured staff, nor high performers within the role. Too broad, and the salary ranges provide very little practical support for a compensation philosophy. Worst of all, having no salary ranges at all can lead to difficulty attracting top talent, or overpaying (sometimes dramatically) individuals who stay in the same job for many years.
How, then, to get salary ranges just right?
Stacey Carroll, CCP, SPHR, PayScale's Director of Customer Service, recommends building salary ranges from a market-centered midpoint. In this webinar we'll discuss how organizations can use market data to update or create market salary ranges. We'll discuss the choices available for selecting a competitive market set for benchmarking against, choosing benchmark positions (and slotting the rest), timing of updates to ranges, and analysis and trouble shooting for "hot" jobs that fall outside of the range. This practical compensation benchmarking webinar will give you the information you need to update or create market based salary ranges in your organization.