Radford Compensation 101

Course Introduction

Welcome to class!

Why did we write
this guide?

Although usually regarded simply as "how much we are paying an employee," compensation is actually much more complicated than most people (even those working in HR) seem to realize. This guide was written to cover everything from the basics of compensation such as “how to pay” and "how much to pay" to more advanced topics including "incentive plans" and "job leveling" (coming at a later date).

Who will benefit most
from this guide?

If you're a comp analyst, HR manager, people operations, or anyone working in your company's department that handles compensation, then this guide is for you. If you're someone that finds compensation interesting and just want to learn more about the topic, then you'll find this guide informative as well. Everyone from newbie compensation analysts to HR veterans will be able to find something of use to them.

What makes this
guide different?

There are already plenty of well-written guides and articles related to compensation that you can find on the internet. However, few of them can give you the technology and life sciences industry relatability that only Radford is able to offer. In addition, we tie up all of our chapters to a real life data sample from our Radford surveys so you can identify how to apply survey data directly to some common and not so common compensation issues.

Course Topics

Chapter 1: How to Pay, Understanding the Players and the Game

Before we can get into the question of "how much" we should be paying, we must first understand how pay works within the organization. This begins with HR people and compensation analysts needing to have a thorough understanding of their own role within the company itself. External factors such as the economic and legal environments will also influence compensation decisions.

Chapter 1

Chapter 2: How Much to Pay, Rewards Program Design

How much to pay is definitely a relative term. What is considered high pay at one company can be on the lower spectrum at another. The first part of understanding how much to pay is to know the philosophy and inner workings of how it’s established.

Chapter 2

Chapter 3: How Much to Pay, Market Benchmarking

How much you should pay someone is a relative term. Some companies can afford more than others based on their business model. Companies also balance a variety of reward opportunities based on their overall strategy. After all, pay is only one part of the employee value proposition. Knowing that a pool of resources exists, the next step is to determine exactly how much to pay.

Chapter 3

 


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