How to Build a Market-Based Pay Structure: Step by Step

Thursday 8:00 – 9:00 AM

Session Description

Organizations nationwide seek to continuously improve performance and motivation, while simultaneously reducing costs. This arduous task often becomes the responsibility of human resources. Without effective systems in place and data available, employee compensation can run counter to efficiency and performance objectives set by the organization. Ov average, between 18-52% of a company’s operating expenses can be directly attributed to the compensation of its employees. Building a successful compensation plan that supports your employees and your bottom line is important, and yet, far too many organizations don’t take the time to develop one that properly works for them. Employers planning to succeed in an increasingly competitive environment must have a well-designed compensation plan that motivates employees, controls compensation costs, ensures equity, and allocates financial resources appropriately.

Learning Objectives

  1. Analyze the keys to designing compensation systems components, equity theories and issues
  2. Learn about pay systems, both market-based and job evaluation
  3. Cover pay policy issues and the legal constraints on pay systems
  4. Test drive a salary survey and compensation plan with a simple HR dashboard, scenario planning, and pay for performance

Phil Hayes

Hayes manages and oversees TAG company operations, including the design, development, and implementation of all client HR programs. Hayes holds a Bachelor’s Degree in HR Management from Bellevue University and Masters of Management Information Systems from Friends University. Hayes is also recognized as a certified SPHR and has served ont eh KSSHRM State Council and Wichita SHRM boards. Additionally, he served on teh board for the Workforce Alliance of South Central Kansas, Inc. In 2006, Hayes was recognized as the “Wichita HR Professional of the Year” and “Kansas HR Professional of the Year” in 2007. Hayes was appointed to the Kansas Employment Security Board of Review in 2014 by Governor Brownback and currently serves as the chairman. Hayes remains active in the legislative arena pertaining to state and federal HR policy.