Let's Monetize That Job Offer—Compensation, What Is it Worth?
The transactional value of compensation begins with the understanding of the organization's pay philosophy based on the market rate of pay for a job. Other elements of the organizational employee engagement include incentives, benefits, employee development, wellness, work environment, and company reputation. What is this package really worth? Learning Objectives: Define the market rate of pay and how organizations build unique compensation packages to be competitive in the recruitment and retention of staff. Determine and verbalize the total value of a compensation package and ask the questions that assist in building your own value proposition. Monetize total compensation and communicate key elements in an –employer–employee relationship.
Analyzing the Job Market
Tony Magaro, Southwest Research Institute