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Congratulations!
You have completed ERI DLC Course 78: Salary Increase Planning.
You should now be able to:
- 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 the advantages and disadvantages of merit-based pay
- Recognize why geographic pay differentials may be needed
- 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
Looking to Benchmark Pay?
See our salary, cost-of-living, and executive compensation data in action.