Achieving Competitive, Fair Pay: Compensation Strategy Tips for Filling Open Positions While Meeting Market Demands

Duration: 75 Minutes
One of the most basic functions of business management is to establish a compensation plan that is competitive and equitable, and that promotes employee engagement and high performance. Competitive compensation practices are essential to employee recruitment and retention efforts.
Competitive Compensation Strategy
Product ID: 503617
Today's job market is competitive, and the economy is far healthier than it was following the Great Recession. Because turnover rates increase as unemployment decreases, it's now a job seekers' market. While many people think compensation just refers to the hourly rate or salary an employee earns (i.e. what an employee "makes"), it actually encompasses much more than that. At the end of the day a lot of employment decisions (on both the employer and candidate sides) are driven by compensation. Having a compensation strategy is critical for employers looking to recruit and retain top talent.

Objectives of the Presentation
  • How to go beyond internal equity to meet pay levels the market really demands
  • How to negotiate compensation packages that win over your candidates
  • Steps for ensuring that your compensation package is comparable to, or better than, your competitors'
  • Identify what components to include in a total compensation strategy
  • When it might be acceptable to agree to pay above the rate you originally offered, or best to stand firm when negotiating compensation
  • Creative ways to offer job candidates what they need as far as culture, work/life balance, and other intangibles and alternative benefits
  • How to use employees' insights—stay interviews, exit interviews and onboarding feedback to discover new ways to make your organization attractive to job seekers
  • How to ensure equitable compensation despite the growing number of proposed local laws that would prohibit asking candidates about their previous salaries
Why Should you Attend
HR managers and business owners should attend this session to understand the components that make up a comprehensive compensation strategy, which can help provide the framework for a stronger recruitment and retention program for the workforce.

Areas Covered
  • Defining types of compensation strategies
  • Determining the sources of external market data and understanding how to use it
  • Developing and calculating pay structures
  • Implementing and evaluating a new compensation strategy
  • Creating total compensation packages
  • Recruiting and retaining top performers through competitive and fair compensation packages
  • Understanding how incentive based compensation can win over strong candidates
Who will Benefit
  • HR professionals
  • HR Managers
  • Business Managers
  • HR Directors
  • Small Business Owners
Topic Background
Too many business owners and HR professionals sometimes mistakenly believe that pay is the number one deciding factor when it comes to a candidate's decision to take a job. A complete compensation strategy, including tangible and intangible benefits, is the key to recruit and retain top talent.
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Instructor Profile:
Chad Sorenson is the President and founder of Adaptive HR Solutions, LLC and has over 20 years of diverse business, communications and human resource experience.

He works with companies that range from 5 to 1,200 employees and focuses on leadership development, manager training, employee performance management and employer compliance in industries such as healthcare, manufacturing, construction trades, and professional services organizations. Prior to founding Adaptive HR Solutions in 2008, Chad has been Vice President, Director and Manager of Human Resources for several companies in the Jacksonville area.

He is certified as a SHRM-Senior Certified Professional and a Senior Professional in Human Resources. Chad serves on the Executive Committee as the Treasurer for the HR Florida State Council, which has over 14,000 members statewide. He is also the Immediate Past President of SHRM Jacksonville having served as President for 2015 and 2016. Chad regularly speaks to other SHRM Chapters and business associations across the state on topics such as leadership development and employee engagement.

Chad is an Eagle Scout and a graduate of Morningside College in Sioux City, Iowa. The keys to his success are Devotion to God, Dedication to Family, Continuous Service, Lifetime Learning, and Always Remembering to Laugh.
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