Compensation and Reward Management
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Through several case studies, you will explore the different processes needed to develop a robust reward strategy. You will determine which reward processes are most appropriate for your organisation and get a starting point to developing your own, taking into account your business and people priorities.
You will then get to work on the actual design of the main components of direct cash compensation, in base and variable pay. You will gain an insight into how to set your pay at the right level and link to appropriate performance measures to avoid risks of losing talent or overspending. The course provides a comprehensive guide to structuring and optimising your base and variable pay design for maximum ROI.
Key learning outcomes
Upon completion of the programme, you will be able to:
- Develop a reward strategy, taking into account key business, organisational and HR issues
- Understand the impact of the options for various reward programmes
- Identify different job evaluation methodologies and decide when to apply them
- Evaluate different pay structures and pay progression methods and when it is appropriate to apply particular methods
- Be clear about employee motivation, engagement and the links with rewards
- Assess the relationship between pay and the wider performance management system
- Evaluate incentive schemes and the different approaches to individual and group incentive schemes
Compensation and Benefits Management
Become a true compensation & benefits professional with an eye for the strategic context of Human Resource Management. This programme will enable you to design compensation & benefits policies that motivate your employees while keeping their focus on the company’s strategic objectives.
WHY THIS PROGRAMME?
You want your employees to keep working enthusiastically while remaining focused on your organisation's strategic objectives? But you are not sure of the best approach to remuneration? Compensation & benefits, or tangible reward, play an important role within the wider spectrum of remuneration.
How does it work in practice? Research shows that even though many organisations would like to develop reward strategies, they are still looking for the right tools to do so. We survey the needs in this respect and offer you tools that have proven to be extremely useful.
What is the added value of following the 'Compensation and Benefits Management' programme?
- Develop strategically-inspired reward techniques and implement them in your company
- Become familiar with practical concepts and tools to apply in remuneration schemes
- Understand direct financial rewarding and employee benefits, as well as strategic embedding within the context of the organisation
- Gain a detailed insight into the latest concepts in compensation & benefits
The programme ‘Compensation & Benefits Management’ consists of 4 modules. Topics discussed:
Module 1: Total rewards
The ‘Vlerick Reward Model’ is the reference point for this module. This model incorporates all different domains that, according to Prof Xavier Baeten, form a crucial part of a true strategic reward policy.
- Total rewards: building blocks and employee perspective
- Reward strategies: key ingredients
- Developing a retention policy by using the concept of Strategic Reward Management
- Business testimonial 'strategic reward management': a strategic reward policy rolled out.
- Reward Communication as a driver for understanding and appreciation
Module 2: From business context to reward policies
In this module we discuss the business strategy and its link to the reward strategy. How does the strategy of your organisation influence the different aspects of your reward policy?
- Rewarding’s external business context: the impact of the legal, social and economic context on reward management
- Developing reward policies that enhance strategic alignment
Module 3: Reward Systems
- Base pay and variable pay
- Function classification as the foundation of your reward structure
- Link between performance, competences, potential, retention and rewarding
- Reward systems for executives
Module 4: Employee benefits and specific reward topics
During this module a lot of practitioners will share their expertise in one of the domains of Compensation & benefits.
- Flexible rewarding
During the second part of this education, you will be given the chance to choose some topics, in order to tailor the programme more to your needs.
Sales force compensation
- Rewarding a sales force for optimal performance in line with the business strategy has always been a challenge. This session covers best practices and strategies to improve your sales force by using compensation and benefits. Practical examples and case studies will be used during this session
- Legal implications of Compensation & Benefits in Belgium
- High labour cost in Belgium has led to a great creativity when thinking of alternative reward systems. From the meal voucher, to eco cheque, from the result bonus and warrants to the bonus pension scheme and from the company car to the mobility budget, all these advantages have their own legal framework In this session we will focus on CAO90, cafeteria plans and warrant plans. The goal is not to discuss the practical modalities of each of these systems. We want to offer you a global framework: How can existing benefits be translated in (fiscal) attractive alternatives? Which opportunities are there and what are the (dis)advantages? How do you communicate to your employees, without having to fear for claims afterwards?
- Legal implications of Compensation & Benefits in the Netherlands
- During this workshop we take a look at the latest changes in the expense allowance scheme. We will tackle the theory, as well as case examples. Furthermore we highlight some current changes in the field of employee benefits and the application for the cafeteria plan, company car, etc.
- Pension schemes in Belgium
- Pension schemes in The Netherlands
Module 5: Integration day
During the integration day we will organise a workshop on the Reward Audit of your organisation. In small groups the participants will share their best practices and main obstacles considering some specific topics of Compensation & Benefits Management.
Who should attend
- Compensation & benefits management professionals, with a strategic profile
- Newcomers in compensation & benefits management, with a strategic rather than an operational profile
- HR generalists or HR business partners who seek know-how in compensation & benefits management
- HR professionals who are aware of the technicality and broad spectrum of compensation & benefits, and who would like to develop a comprehensive view of strategic rewarding