Compensation and Benefits Management
Select Other "city & date"
Compensation and Benefits Management Course
Introduction:
A thoughtfully crafted compensation and benefits plan can greatly contribute to the overall job satisfaction of your employees. When employees receive fair rewards for their services, it fosters happiness and a positive work environment. Job satisfaction, in turn, often leads to increased loyalty, as employees are more likely to stay with an organization that provides opportunities for promotion, learning, and development.
Effective Compensation and Benefits managers play a crucial role in analyzing data to identify optimal pay and benefits structures for an organization. They keep a close eye on trends impacting compensation and benefits and continuously assess ways for their organization to enhance practices or policies.
Course Objectives:
By the end of the Compensation and Benefits Management Course you will be able to :
- Define what is Compensation and benefits. Explain the importance of Compensation and benefits to attract and retain the right talent
- Understand the components of Compensation and benefits management
- Strike the right balance between fixed and variable pay for each role/ job
- Compensate fairly for the level of experience, technical expertise, and competencies that individuals bring to the table
- Develop skills to effectively design employee packages to achieve a win-win for both the employer and the employees
- Successfully manage to retain the best talent in the competitive market
- Develop a clear understanding of reward philosophy and strategy
- Demonstrate how the parts of the reward strategy fit together
- Explore issues surrounding the effective management of human resource
- Describe why staff are the most expensive resource of the organization
- Evaluate new practices that might benefit their organization
- Preparing a salary structure and other related policies
- Understand the basic compensation survey process
Who Should Attend?
This Compensation and Benefits Management Course is ideal for:
- Payroll Specialists, Payroll Leaders and Managers, Recruitment and HR personnel, Independent HR experts, Independent Recruiters and consultants
- HR staff who are responsible for the administration of benefits and reward
- Compensation and Benefits specialists who are new to the area or are looking for a refresher course
- More senior HR Staff who are interested in the strategic value of compensation and benefits
- Line Managers and Senior Staff who are responsible for managing and motivating Staff – need a better understanding of the impact of remuneration
- Others who wish to understand this important subject
Course Outlines:
Introduction to Compensation and Benefits Management
- What is Compensation and benefits management?
- Benefits of Compensation and benefits
- Basic principles of Compensation and benefits management
- Difference between compensation and benefits
- Designing the compensation and benefits plan
- Philosophy of reward
- Pay structures and systems
- Reward strategies and the psychological contract
- Job grades and Career mapping
- Job evaluation
Compensation and Benefits - in Context
- Motivation models, money, and motivation
- Performance management and performance-related pay
- Competency frameworks
- Team rewards
- Upward and 360 appraisals
- Contingent pay
Compensation Structure
- Understanding the different components of compensation policies
- Understanding the components on which the pay levels are affected
- How much should we pay for competence?
- Understanding the basic pay scale
- The grading scale progression and spread
The International Perspective
- International and multinational perspectives
- The labor market and Human Resource planning
- Equality and diversity
- Job analysis
- Dynamic organizations and change management strategies
- The changing context and nature of the employment relationship
The Methodology of Allowances and Benefits
- Understanding the purpose of allowance
- The different kinds of work allowance
- Nature and non-nature of work allowance
- Understanding the importance of benefits
- Different categories of benefits
Employee Involvement
- Employee engagement
- Employee participation
- Trades Unions and Employee Representatives
- Consultation
- Involvement in and support of change
- Practical activities
Benefits and Compensation Surveys
- Understanding the regional practices and effective management of benefits programs and long–term benefits plan
- Role of compensation surveys
- Training on the preparation of compensation survey reports
- Training on carrying out compensation surveys
- Review of the course and “Question and Answer session”
Current Good Practice
- Flexible benefits
- National minimum wage
