Expanding the Compensation Model: External and Structural Considerations

Use market analysis to implement changes to a compensation plan. Assess external factors and create a dynamic model to administer compensation.

Description

This course covers the application for assessing and implementing a compensation model by considering external factors. The process of analyzing market data is explored. Developing recommendations and implementing changes to an organization's compensation administration policies is also covered.

The course identifies advantages and disadvantages of merit and variable pay plans.

Who Should Take This Course?

Compensation practitioners, as well as HR professionals seeking to broaden their skill sets to incorporate compensation. Those new to compensation looking to maximize the day-to-day impact they can have on their organizations' compensation-related programs.

Course Format

eCornell takes a problem-based approach to learning, and builds each course around realistic case studies and scenarios. All courses are self-paced, and are facilitated by an eCornell instructor, who leads the online discussions and is available to answer specific questions about the course content. This course contains the following modules:

• Conducting an External Assessment
• Identifying appropriate comparator groups at the industry and job levels for establishing competitive pay practices
• Market data adjustment methods, including aging and weighting
• Comparing external market data with corresponding internal information for compensation analysis
• Recommending Actions
• Principles underlying merit and variable performance-based pay plans
• Assessing compensation administration policies at the structural, job, and employee level
• Aligning compensation to an organization's guiding principles and Human Resources structure
• Strategies for implementing compensation policies
• Applying an updated compensation program to decisions at the job and employee level

Benefits to the Learner

After completing this course, participants will be able to:

• Identify a model for conducting an effective compensation analysis in organizations
• Conduct a market comparison as part of the compensation analysis
• Recommend actions based on the results of the compensation analysis

Authoring Faculty

Cathy Lee Gibson, Cornell/ILR Extension Faculty, Associate Director Management Programs
Lisa L. Hunter, Adjunct Faculty
Deborah Peters, Teaching Associate

Sponsoring School

Cornell University's School of Industrial and Labor Relations

Total Learning Time

Approximately 5-6 hours over a period of two weeks.

Certificate Information

This course can be applied toward the following certificates:

• HR: Benefits and Compensation
• Human Resources Studies

Prerequisites

This course is part of a series of eCornell courses devoted to compensation. If you are unfamiliar with this topic or uncertain of your ability to accomplish this courses' objectives, you may want to complete Applying a Compensation Model: Internal and Legal Considerations (ILRHR507) prior to enrolling in ILRHR508.

HRCI Recertification

This course been approved for six (6) recertification credit hours toward PHR, SPHR, and GPHR recertification through the Human Resource Certification Institute. Please contact the Human Resource Certificate Institute (HRCI) for further information about certification or recertification.