Compensation Bootcamp

Learn the ropes of compensation from a nationally recognized expert

During the pandemic, employees reviewed their benefits, work-life balance, compensation and organizational culture. And, reprioritized. “The Great Resignation” has put human resources and talent leaders against the wall.

How have you adapted your compensation or total rewards strategy in wake of the rapidly-changing labor market? Are you certain of your compensation philosophy?

During this Compensation Bootcamp, you’ll learn from our nationally-recognized VP, Total Rewards Megan Nail as she walks you through basic and more advanced compensation frameworks, strategies and philosophies.

Together with your cohort of forward-thinking human resources professionals, you’ll develop expertise, knowledge, and confidence in your organization’s compensation strategy and work.

The Compensation Bootcamp begins virtually January 19 at 11:30 AM-12:30 PM ET and continues weekly on Wednesdays for 10 weeks.

Spots Are Limited! Request More Information Now

First Person will reach out within 2 business days with details.

Agenda

First Person Advisors’s Compensation Bootcamp is a ten-week program designed to go beyond the basics of compensation and total rewards.

Instead, you’ll learn how to implement and communicate a compensation strategy that aligns with your culture and organizational values.

Week 1

Job Analysis

  • Ways to conduct job analysis
  • Job descriptions and documentation 
  • Job architecture and title equity 
  • FLSA and exemption status 

Individual session focus: Review your company’s job description format and process 

Week 2

Market Pricing

  • Overview of market data and job content approaches 
  • Determining data scopes 
  • Evaluating survey sources and data quality 
  • Review of common principles (e.g. using percentiles vs. averages, total cash comp vs. base comp)

Individual session focus: Review your company’s market data sources

Week 3

Market Pricing (cont.)

  • How to search survey sources 
  • How to find matches – what to search 
  • How to organize and assimilate the data into a market rate 

Individual session focus: Pricing a common job

Homework: Price a common job we assign you

Week 4

Market Pricing (cont.)

  • Group discussion/work – compare the common job everyone priced.   
    • What are your rates?  Why are they the same or different?  What would you recommend to a manager as the market rate? 

Individual session focus: Pricing a challenging job

Homework: Price a challenging job we assign you

Week 5

Salary Structures

  • How are jobs assigned to the structure? (e.g. market data and internal equity) 
  • Why do we have salary structures? 
  • How are they developed? 
  • How many structures do you need? 
  • How do you keep structures relevant over time? 

Individual session focus: Reviewing and understanding your company’s salary structure(s)

Homework: Where would you assign the two jobs you market priced in your structure? Why? What factors would you consider?

Week 6

Individual Pay Decisions in the Structure

  • Understanding the range of pay 
  • How employees progress through a range 
  • Review of common principles (comp-ratio, range penetration)
  • Review of common issues (red circling, green circling, promotions, demotions)

Individual session focus: Reviewing and understanding how your company makes pay decisions

Homework: What policies and practices does your company have?  What is your role in the process?

Week 7

Variable Pay

  • What is variable pay? 
  • Why is it important? 
  • Which employee groups are typically included in variable pay? 

Individual session focus: Reviewing and understanding your company’s variable pay programs

Homework: What variable pay programs does your company have? What is your role in the process?

Week 8

Merit and Annual Increase Cycles

  • The role of performance and market range movement in increases 
  • Merit matrix approach 
  • Variable pay, market increases and promotions in the annual cycle 
  • Budgeting for merit increases (salary budget surveys) 
  • Importance of HRIS and project planning/management in this process 
  • The role of managers and executive leadership in this process 

Individual session focus: Reviewing and understanding your company’s approach

Homework: How does your company approach merit/annual increases? When do they occur? What will your role be?

Week 9

Common Compensation Challenges

  • Geographic differences – cost-of-living vs. cost-of-wages 
  • COLA 
  • Red circle, green circle 
  • Promotions, demotions 
  • New hire rates and compression 
  • Pay equity 

Individual session focus: TBD based on your company’s and your needs

Homework: How does your company approach these challenges? What are your policies and practices?

Week 10

Total Rewards and Communication – Bringing It All Together

  • Total rewards model 
  • Compensation philosophy & transparency 
  • Importance of communication 
  • HR Information Systems and how they play an important role in maintenance and administration of a compensation program 

Individual session focus: TBD based on your company’s and your needs

Level Up Your Compensation Expertise

Megan Nail

VP, Total Rewards

Megan advises clients on how to meet their goals through total rewards and compensation strategies, including competitive base and incentive pay structures. With over 12 years’ experience as a leader at SHRM, Megan is determined to strengthen Indiana’s HR community. She is currently the State Director for HR Indiana SHRM and has several accreditations including CEBS, CCP, SHRM-SCP and SPHR-CA.