How to Set Pay Ranges That Are Fair and Effective

WHY ATTEND

If your organization decides to move toward implementing structured pay ranges, you’ll likely have many questions that need answers before you act. How do you know you’ve got pay ranges right? What guidelines should you follow to determine how broad or narrow ranges should be? What are the best practices for determining market-specific compensation levels based on job functions, location and industry?

LEARNING OBJECTIVES

Get these answers and more, including:

• The market pricing process to determine competitive compensation levels
  
• Steps for implementing market-based pay grades – including how to get line managers to use them properly
  
• The Merit Matrix Model and its advantages
  
• A system for providing market-competitive compensation and salary increases over time
  
• Policies and procedures needed for successful, consistent compensation practices
  
• How to handle "market adjustment" increases/decreases that reflect the true market value of a position
  
• Pay compression and what to do about employees who have "maxed out" of their pay range

ABOUT THE SPEAKER

Joe Rice is a Project Manager in the Compensation Consulting Division of CBIZ Human Capital Services where he leads a team of compensation consultants and provides project management oversight.

Mr. Rice brings broad Total Rewards and Human Resources experience to the practice. Prior to joining the Firm, Mr. Rice managed compensation globally for Energizer Holdings, a global consumer products company. Mr. Rice also worked for Bunge, a global agribusiness company, where he led the compensation function within North America. He began his career with Panera Bread, a fast-casual restaurant chain, where he held roles administering compensation, retirement, and benefits. In all, Mr. Rice’s background includes strategy, design, and execution for an array of Total Rewards programs along with experience supporting acquisitions, divestitures, and corporate restructuring.