Organizations are struggling to find order in this tumultuous economy; with nearly 90% of organizations relying on market pricing as an integral part of their compensation strategy (World at Work 2009). We need to ensure that we are getting an accurate read on the current state. When used effectively, market pricing increases confidence about the competitiveness of compensation structures to attract and retain talent, but with today’s economy acting as the “norm,” there are many questions up in the air. To what extent do survey sources match the jobs you benchmark and the labor pools from which you draw talent? How intentional are you about using national and local survey sources for job level, and to what extent do you depart from market pricing for critical and high demand positions? When finance and workforce planning ask at what percentile your company competes against the labor market, how do you know if your strategy is effective? With budget scrutiny and managers clamoring for job evaluations, you’ll want to assess reputable survey sources, how to analyze market compensation data and establish relevant rewards for your organization.
Ken Abosch, Compensation Practice Leader at Hewitt Associates, Inc. along with The Human Capital Insitute will bring order and clarity to market blips, adjustments and organizations wanting to evaluate the “new normal” in the current economy for compensation strategy and market pricing. If your role involves job documentation, compensation analysis, finance, workforce planning, or talent retention, check out this free webcast and let us know what you think!
Photo: swisscan