Course Description
In these lessons on Initial Wage and Salary Setting Guidance, we’ll explore setting wages according to job requirements and a person’s qualifications. You’ll learn the basics of market ranges and pay equity. You’ll also have a working knowledge of minimum wage laws.
Often, employers set compensation purely based on local minimum wage laws or when hiring a new employee or with regular performance reviews. This can be a reliable system in the short term, but to ensure you have an up-to-date compensation plan for your employees, you may want to consider job factors that change over time, like position duties and requirements or applicant qualifications, to ensure fair practices.
Employees are valuable to the company, and their value can sometimes be expressed through compensation. We’ll show you why it’s important to strategize ways to discover or avoid pay gaps, and then to investigate how and why this happened. You’ll learn to monitor the lowest rate a company can pay its employees, and, if you’re an international organization, we guide you to understanding many possibilities for region-specific minimum wage laws.
We’ll also discuss complying with compensation regulations to help your company prevent issues that could disrupt business. We teach you about the value of the right candidate to fulfill those duties, and how to determine if it’s better for you to set wage and salary ranges based on required qualifications or preferred qualifications. We’ll also explore how to price jobs appropriately by knowing the market ranges for similar jobs.
What You'll Learn
- Set wages according to job requirements and a person's qualifications
- Manage pay gaps by discovering, avoiding, and investigating how and why they happen
- Apply local and region-specific minimum wage laws, including for international organizations
- Calculate appropriate compensation based on position duties, requirements, and applicant qualifications
- Price jobs appropriately by knowing the market ranges for similar jobs
- Comply with compensation regulations to prevent issues that could disrupt business
Key Takeaways
- Setting compensation based purely on local minimum wage laws or only at hiring and performance reviews can be reliable short term but may leave a compensation plan out of date.
- Job factors that change over time, such as position duties, requirements, and applicant qualifications, should be considered to ensure fair practices.
- Employees are valuable to the company, and their value can sometimes be expressed through compensation.
- International organizations must understand the many possibilities for region-specific minimum wage laws.
- Wage and salary ranges can be set based on either required qualifications or preferred qualifications, and jobs can be priced using market ranges for similar roles.
Frequently Asked Questions
What does this course cover?
It covers setting wages according to job requirements and a person's qualifications, the basics of market ranges and pay equity, a working knowledge of minimum wage laws, managing pay gaps, and complying with compensation regulations.
What will I learn to do with minimum wage laws?
You'll learn to monitor the lowest rate a company can pay its employees and, if you're an international organization, to understand the many possibilities for region-specific minimum wage laws.
How is the course structured?
The course includes lessons on Introduction, Position Requirements, Applicant Qualifications, Market Ranges, Internal Equity, Local Minimum Wage Laws, and Being Legally Compliant, followed by a Test Your Knowledge section.
How does the course approach setting wage and salary ranges?
It teaches the value of the right candidate to fulfill job duties and how to determine whether to set wage and salary ranges based on required qualifications or preferred qualifications.
