CompX – The Strategic Decisions Driving Your Base Pay Plan

The Strategic Decisions Driving Your Base Pay Plan

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Presented by: Michael Sturman, Ph.D., SPHR, Professor - Cornell University

Base pay is the foundation of most compensation systems. Having a comprehensive understanding of market wage, pay ranges, and your organization’s philosophy surrounding compensation is vital to the success of maintaining your base pay plan. In this session, you will learn:

  • How to choose the right salary survey for your organization
  • What to consider when determining the market wage for a job
  • How to set the pay range (min, mid, max) for each job and identify salary range outliers
  • Why it is important to understand the cycle for developing, monitoring, and updating your pay system

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