Join host Jodi Schafer and Marcia Cornell, HRM’s compensation expert, as they discuss crucial strategies for developing structured compensation plans in this November edition of HR Hot Topics. As businesses prepare for new financial challenges, including Michigan’s Earned Sick Time Act, understanding how to create and manage effective compensation structures becomes essential. This episode offers insights into crafting job descriptions, conducting market studies, and maintaining flexible compensation policies.
Timestamps:
0:04 – Introduction to the November Edition
0:14 – Introduction of Marcia Cornell, Compensation Expert
0:19 – Importance of Compensation in Budget Planning
0:37 – Impact of New Legislation on Budgets
1:03 – Challenges with Informal Compensation Structures
1:15 – Introduction to Structured Compensation Plans
1:53 – Discussion on Creating and Administering Compensation Plans
2:20 – Step 1: Job Descriptions and Their Importance
3:01 – The Importance of Employee Buy-In and Accurate Job Descriptions
3:56 – Step 2: Internal Job Ranking and Its Significance
4:35 – Step 3: Conducting a Market Study for Compensation
5:36 – Recap of the Three Key Steps to Create Compensation Structure
6:55 – Discussion on Administering the Compensation Plan
7:25 – Practical Steps in Adjusting Existing Salaries
9:26 – Maintaining and Updating Compensation Structures
12:07 – Closing Remarks and Upcoming Webinar Announcement
