Compensation, Benefit Administration and Reward Management
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Compensation, Benefit Administration and Reward Management Course
Introduction:
Savvy employers understand that retaining high-quality employees necessitates offering an appropriate compensation and benefits package. Compensation encompasses wages, salaries, bonuses, and commission structures. Adequately compensating employees demonstrates that you value them not only as workers but as individuals. When individuals feel appreciated, their enthusiasm for coming to work improves.
In essence, company morale receives a boost, and employees are motivated to perform well. Furthermore, when employees are aware of potential bonuses or commissions, their motivation to achieve outstanding results is heightened. Bonus and commission compensation plans thus become pivotal elements for fostering success.
Course Objectives:
Through the Compensation, Benefit Administration & Reward Management training course, participants will be able to:
- Describe the key economic, psychological, and motivational concepts that influence reward
- Discuss the role of reward strategies and policies in an organization
- Contribute to the administration of employee-reward policies and processes
- Differentiate between the factors that influence employee satisfaction with the reward system
- Defend the case for non-financial rewards in attracting, retaining, and motivating people
- Design a strategic reward plan
Who Should Attend?
Compensation, Benefit Administration & Reward Management training course is ideal for:
- Human Resource Professionals
- Those working in or recently transferred to compensation, benefits, or reward positions
- HR staff who are responsible for the administration of benefits or reward
- HR Business Partners
- Anyone involved in salary, pay, and conditions of work
- Managers and team leaders involved in reward issues
Course Outlines:
Performance, Performance-Related Pay, and Motivation
- Performance Management
- Development and training
- Performance related pay
- Current best practice examples
- Contribution related pay
- Case study of reward practice at Netflix
Administration of Reward Equality and Inequality in Pay
- The administration of reward
- Salary and pay surveys
- Job evaluation
- Equality in reward
- Inequality in reward– causes and solutions
- Executive pay & Executive pay gap recording
PAYROLL AND FRAUDS
The fraud tree
- The HR 4C's policies
- Personnel behavior and commitment
- Acceptable and Unacceptable Behaviour
Non-financial Rewards and Empowerment Employee Benefits
- Non-financial rewards
- Employee Participation
- Employee Engagement
- Employee Benefits
- Flexible benefit systems and Cafeteria rewards
- The Role of Pensions
Total Remuneration Creating a Reward Strategy
- Total Remuneration for the whole organization
- Improved performance of the organization and individual
- Developing a reward strategy
- CIPD Pay Management survey
- Review of the Murlis and Wright model of Total rewards
- Personal action planning
