Salary Increase Planning

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Course Number:78
Category:Salary Administration
Field of Study:Business Management & Organization
Audience:Compensation Professionals, HR Managers, HR Generalists
Level of Difficulty:Intermediate
Delivery Method:QAS Self Study
Prerequisites: Moderate algebraic training
Advanced Preparation:None
SHRM BASK:As defined by the SHRM Body of Applied Skills and Knowledge (BASK), this self-study course relates to competencies in Business and Competitive Awareness, Business Analysis, and Data Analysis with functional areas in Talent Acquisition and Total Rewards.
OverviewSalary increases are necessary to attract, retain, recognize, and reward employees. This course examines different types of salary increases, how to plan for them, how to be market competitive and internally equitable, and how to control the salary increase budget. We will look at how to use salary surveys and age the data, the importance of a pay policy line, and three strategies for crafting a salary structure. There will be a review of different ways to recognize and reward employees and different methods and reasons for increasing base pay. Finally, we’ll demonstrate budgeting techniques and control methods that can assist you in managing your compensation costs throughout the year.
Learning Objectives:
  • Identify different ways to recognize and reward employees such as base pay, short- and long-term incentives, benefits, recognition, and talent development
  • Differentiate between types of base pay increases, for example, merit, general, cost of living, lump sum, and skill-based pay
  • Define how to implement and calculate a merit or pay-for-performance increase
  • Identify what to consider when setting the salary increase budget
  • Specify how to project market prices for jobs
  • Define how financial metrics are used to determine ability to pay
  • Identify ways to manage salary costs when the budget is tight
  • Specify how to use salary survey data to generate a compa-ratio report to determine external market competitiveness
  • Recognize when to implement salary increases and calculate a salary increase budget
  • Identify the steps needed to implement salary increases
Credit & Professional
Continuing
Education Information:

  • SHRM-CP/SHRM-SCP Credit Information:

    ERI Distance Learning Center is recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® or SHRM-SCP® recertification activities. This program is valid for 1.5 PDCs for the SHRM-CP® or SHRM-SCP®. For more information about certification or recertification, please visit www.shrmcertification.org.

    SHRM Preferred Provider

  • aPHR/PHR/SPHR/GPHR Credit Information:

    ERI Distance Learning Center is a recognized provider of recertification credits. The HR Certification Institute® (HRCI®) has pre-approved this activity for 1.5 HR (General) credit hour(s) towards aPHR™, PHR®, SPHR®, and GPHR® recertification.

    HRCI Approved Provider
    HR Certification Institute’s® (www.HRCI.org) official seal confirms that ERI Distance Learning Center meets the criteria for pre-approved recertification credit(s) for any of HRCI’s eight credentials, including SPHR® and PHR®.

  • CCP/CBP/GRP/WLCP Credit Information:

    This online course qualifies for recertification credit for the Certified Compensation Professional (CCP®), Certified Benefits Professional® (CBP), Global Remuneration Professional (GRP®), and Work-Life Certified Professional (WLCP®) designations granted by WorldatWork Society of Certified Professionals. For more information on recertification, visit the Society website at www.worldatworksociety.org.

  • CPE QAS Self Study Credit Information:

    National Registry QAS Self Study - Course approved for 1.5 credit(s) in these states:

    Alabama, Alaska, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virgin Islands, Virginia, Washington, West Virginia, Wyoming

    Course approved for 1 credit(s) in Vermont

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Additional Information:
*The Course Credit List displays credits and credit types offered by location.
FAQs Policies
World at Work
CPE Sponsors - Registry
CPE Sponsors - QAS
CAC
CCC

The ERI Distance Learning Center is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: https://www.nasbaregistry.org/

ERI Economic Research Institute is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CP® or SHRM-SCP®