In today’s data-driven rewards landscape, methods for market pricing are rapidly evolving. Meanwhile, employees and job candidates now have easier access to pay data, raising questions and concerns about fairness and trust in pay rates. Reliable competitive market rates have never been more essential for pay structures, merit increases, promotions, and incentive programs.
In this course, you’ll learn the foundations of pricing skills and learn how to incorporate new sources of pay data in your job benchmarking approach. You’ll gain the skills to improve the accuracy of your organization’s pay structures, positioning you to build credibility with management and employees, help your organization reduce turnover and increase engagement and ensure higher acceptance rates for job offers.
What You Will Learn:
- How to analyze external competitive market compensation data and use it to determine prevailing rates in your relevant labor market and aligned with your organization’s compensation philosophy.
- Sourcing market data, assessing its integrity, and which options are most appropriate for your organization and workforce.
- How to interpret market data and apply estimating techniques like aging, blending, adding a premium, weighting, modeling and regression analysis.
- Key steps to price a single job and to design a market-based pay structure plus how to effectively communicate your market pricing methodologies to your organization.
Additional Information
This course is ideal for professionals in HR, Total Rewards, compensation or global rewards. It is especially useful to those responsible for compensation benchmarking and developing compensation programs and those overseeing initiatives in Total Rewards, remuneration, compensation and benefits. People leaders seeking a deeper understanding of market pricing will also find this course beneficial. We recommend taking Market Pricing and Competitive Pay Analysis as the fifth course toward your CCP and GRP certification.
To get the most out of this course, you will need to have working knowledge of the WorldatWork Total Rewards model, compensation fundamentals of a Total Rewards strategy, labor regulations, base pay systems and variable pay programs.
You should plan to spend approximately 9 hours in a virtual class and 6 hours on self-guided work. Prework may be required in preparation for the first day of class.
You must pass the required certification exam accompanying this course to progress toward acquiring the CCP or GRP certification. A practice exam is provided within the course materials to test your readiness and help identify knowledge gaps where you might need additional study.
Based in India? Contact india@worldatwork.orgOpen in a new tabEmail for India-special course pricing.
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