Fundamentals of Total Rewards (HR226)
Attracting, engaging and retaining employees is a critical focus for every organization. Understanding the crucial components of compensation and benefits and ways in which they impact employees is an important consideration to effectively communicate and offset issues and concerns. Recognizing the link between Total Rewards and other HR practices such as performance and talent management prepares the HR practitioner to consider how to optimize organizational and individual success through rewards and incentives.
- Understand the impact of Total Rewards on the business and becoming an "employer of choice"
- Identify the trade-offs in developing a Total Rewards strategy
- Identify the link and importance of Total Rewards to drive performance and engagement
- Learn how to become an effective communicator and advocate on the benefit and value of Total Rewards to employees
Reward in Context
Explore the internal and external environment in which reward needs to be managed when developing effective reward programmes
This wide-ranging Reward in Context course reflects on the impact modern reward management has on company reward schemes, regardless of your company’s size. This course is practical and interactive; using case studies to deliver specialist knowledge deemed critical to aligning reward strategy with the business; HR and organisational strategy. It addresses the reward environment in which the organisation operates and looks at the resources required to manage reward schemes.
By the end of the Reward in Context course you will be able to:
- align reward policies and strategy with the business, HR and organisational strategy
- identify the reward environment in which the organisation operates
- take a planned approach to managing change in relation to reward
- assess the impact of corporate governance on executive reward and the operation of the remuneration committee
- explain the requirements of equal pay legislation
- determine the resources required to support and manage reward schemes
- identify the key risk factors related to reward.
HR and Reward strategy
- business, HR and reward strategy
- guiding principles and reward philosophy
- the impact of scale and sector
- the psychological contract, motivation and engagement.
- market intelligence and awareness of competitive practice
- employment and discrimination law as it applies to reward programmes, including international differences
- line manager involvement and responsibilities
- diversity and equal pay.
- importance, levels and methods of communication
- employee and line management involvement .
- mergers and acquisitions
- due diligence and data rooms
- post-acquisition harmonisation
- public sector change processes in focus
- key change management considerations.
- as an influence on the pay environment
- the role of the remuneration committee
- the UK Corporate Governance Code, NAPF, ABI and RREV, European and international regulations
- annual report of the remuneration committee
- effective use of independent advisers
- conducting remuneration committee meetings
- international and sector comparisons.
- identifying the major risks in reward
- action plans to manage risk.
The reward function
- alternative approaches to reward function design
- using reward consultants effectively
- career paths.
Who should attend
The Reward in Context course is for you if you’re an HR generalist, or reward practitioner, with an interest in (or responsibility for) maximising the effectiveness of reward polices and strategies in line with broader organisation contexts. It covers important aspects of reward such as executive pay and the remuneration committee.