Learn about market pricing, uncover the pros and cons of market-based job evaluation, and identify key steps in pay structure design.
Many employers look first to the external market to establish and benchmark their own compensation levels. Even employers that use a formal job content evaluation approach examine external market data as a part of the process, although the information collected is supplemental, rather than a primary focus.
An organization’s internal job worth hierarchy is influenced by the value of jobs as established by the external market. Regardless of the job evaluation approach taken, the successful use of market data relies upon the techniques used to collect and analyze the data. Is the organization capable of collecting data on most of its jobs? Are the data sources reliable? Are the sources representative of the relevant labor markets? What is the best way to analyze and use the data collected?
In this session, you will:
- Learn about market pricing and the terminology associated with market pricing.
- Explore the advantages and disadvantages of market-based job evaluation and pay structure design
- Identify and describe the steps involved in market-based pay structure design.
Andrew Welt joined Marsh & McLennan Agency in 2017. In his role as Senior Consultant and Compensation Consulting Manager, Mr. Welt is responsible for developing and managing projects across the division's core practice areas. Over the span of his 20-year career, he has worked in compensation and benefits in both the corporate as well as the consulting environments. On the corporate side, Mr. Welt held leadership positions at Achillion Pharmaceuticals, Biogen, Haemonetics, Hasbro, and CVS. He has also worked as a senior consultant at Aon Hewitt and Watson Wyatt (now Willis Towers Watson). Mr. Welt specializes in assisting clients with Board and executive compensation, long- and short-term incentives, recognition programs, and broad-based compensation.
Please note: You’re encouraged to not miss the live session as this event does not include complimentary access to a playback of the on-demand event. Access to the live event is limited to the first 1000 participants, so be sure to log on up to 15 minutes prior to the event start time. If you miss the live event, it will become available for on-demand purchase 30 days after the event date.