HR professional in your private-sector organization.

Full Answer Section

• Overview of the presentation structure

• Definition of total rewards
• Components of total rewards (base pay, benefits, work-life balance, performance and recognition, development and career opportunities)
• How base pay fits into the overall total rewards strategy

• Definition of job evaluation
• Purpose of job evaluation in compensation
• Methods of job evaluation (point factor, ranking, classification)
• Importance of job evaluation for establishing pay grades and ranges

• Definition of market pricing
• Role of market data in compensation planning
• Identifying relevant job markets
• Importance of benchmarking

• Definition of pay surveys
• Types of pay surveys (proprietary, published)
• Key data points included in pay surveys (job titles, salary ranges, benefits)
• Importance of pay survey data for establishing competitive pay levels

• Description of WorldatWork as a leading HR association
• Relevance to compensation professionals
• Types of resources available (surveys, certifications, publications)
• Potential ethical considerations (data privacy, confidentiality)

• Role of BLS in providing labor market data
• Relevance of BLS data for compensation planning
• Specific data sets useful for market pricing (Occupational Employment Statistics, Wage and Salary Data)
• Potential limitations of BLS data

• Importance of industry-specific data for accurate market pricing
• Identifying relevant industry associations or consulting firms
• Challenges in accessing industry-specific data
• Potential for data bias

• Importance of triangulation (using multiple data sources)
• Methods for combining data from different sources
• Ensuring data consistency and reliability

• Fair pay practices
• Compliance with equal pay laws
• Transparency and communication
• Protecting employee data

• Recap of the importance of job evaluation, market pricing, and pay survey data
• Emphasize the need for a comprehensive approach to compensation planning
• Outline next steps for developing the new base pay plan

• List of cited sources

Sample Solution

Slide 1: Title Slide

• Title: Rebuilding Our Compensation Strategy: A Comprehensive Approach
• Your Name
• Date

Slide 2: Introduction

• Brief overview of the company's situation (merger, growth, pay disparity)
• Purpose of the presentation: To outline a strategy for developing a new base pay plan