Introduction to Benefits and Compensation
Coursalytics is an independent platform to find, compare, and book executive courses. Coursalytics is not endorsed by, sponsored by, or otherwise affiliated with Executive Development Center.Full disclaimer.
Developing, Maintaining, and Managing Plans
Total rewards encompasses six components — compensation, benefits, work-life effectiveness, recognition, performance management and talent development — that collectively define an organization's strategy to attract, motivate, retain and engage employees. The challenge of developing, maintaining, and managing benefits and compensation plans is a critical and costly function for any organization and represent key components of a Total Reward Program.
The objective of this course is to provide a basic understanding of compensation and benefit plans including strategy, key concepts, terminology, legal & regulatory compliance, policy and plan development, structure, & design, communication and administration.
- Total Rewards Strategy
- Basic Concepts, Terminology, & Definitions
- Legal & Regulatory Compliance
- Policy and Plan Development, Structure, and Design
- Compensation Programs: Job analysis, evaluation, pricing, and pay structures
- Benefit Programs and Goals
- Administration & Communication
Compensation and Benefits for HR
In all organizations the Human Resource is the greatest expense, so it is important that the administration of Compensation and Benefits is of the highest quality. Well trained Remuneration staff are able to monitor the systems in place and add a strategic perspective.
This exciting new combined programmed looks at the basic building blocks of effective benefits administration and then goes on to explore the Strategic dimensions - how the whole process can add ‘value for money’ and help the organization achieve its objectives. Delegates can expect to develop a ‘toolkit’ of useful practices that will allow them to scrutinize the existing practices in their organizations and compare them to current good practice.
On Completion of the course the trainee/s will be competent in:
- Establishing and maintaining an organization’s pay structure and benefits packages are the principal responsibilities of a compensation and benefits manager. This course will deliver the specialized knowledge and skills in the field which you need to develop compensation and benefits programs effectively.
THE PAY MODEL
- Compensation: Definition, Please?
- Relationship between Shareholder Return & Change in CEO Pay
- A Pay Model
- Caveat Emptor
THE TOTALITY OF DECISIONS
- Three Compensation Strategies
- Tailor the Compensation to the Business Strategy
- Key Steps in Formulating a Total Compensation Strategy
- Source of Competitive Advantage: Three Tests
- “Best Practices” versus “Best Fit”?
DEFINING INTERNAL ALIGNMENT
- Compensation Strategy: Internal Alignment
- Pay Structures
- Structures Vary among Organizations
- What Shapes Internal Structures?
- Illustration of an Internal Labor Market
- Strategic Choices in Designing Internal Structures
- Guidance from the Evidence
- Consequences of Structure
- Ways to Create Internal Structure
- What is Job Analysis and Job Analysis Procedures
- Determining the Internal Job Structure
- Communication: Task-Based Data
- 3M’s Structured Interview Questionnaire
- How Can Information Be Collected?
- Judging Job Analysis
- Work Sample Review and Developmental Process
EVALUATING WORK - JOB EVALUATION
- Many Ways to Create Internal Structure
- Comparison of Job Evaluation Methods
- Job Evaluation Form
- Rest of Steps
- Who Should Be Involved?
- Balancing Chaos and Control
- Person-Based Structures: Skill Plans
- “How-to”: Skill Analysis
- Determining the Internal Competency-Based Structure
- Behavioral Anchors for Global Perspective Competency
- Administering the Plan
- Bias in Internal Structures
- What is External Competitiveness?
- Pay Level and Pay Mix: Two Objectives
- What Shapes External Competitiveness?
- Labor Market Factors
- Product Market Factors and Ability to Pay
- Competitive Pay Policy Alternatives
- Pay-Mix Policy Alternatives
DESIGNING PAY LEVELS, MIX, AND PAY STRUCTURES
- ·Determining Externally Competitive Pay Levels and Structures
- The Purpose of a Survey and Competitive Intelligence
- Select Relevant Market Competitors
- Design the Survey
- Interpret Survey Results and Construct a Market Lines
- From Policy to Practice: Grades and Ranges
- Balancing Internal and External Pressures: Adjusting the Pay Structure - Reconciling Differences
- Market Pricing
PAY FOR PERFORMANCE: THE EVIDENCE
- What Behaviors Do Employers Care About?
- What Motivates Employees?
- Components of a Total Reward System
- Does Compensation Motivate Behavior?
- Examples of Group Incentive Plans
- Designing a Pay-for-Performance Plan
- Overview: Pay-for-Performance Plans
- Specific Pay-for-Performance Plans: Short Term
- A Sampling of Performance Measures
- Types of Variable Pay Plans: Advantages and Disadvantages
- Types of Gain Sharing Formulas
- The Role of Performance Appraisals in Compensation Decisions
- Common Errors and Factors Related to Inaccurate Performance Appraisal
- Strategies for Better Understanding and Measuring Job Performance
- Select the Right Raters
- The Rating Process
- Putting It All Together: The Performance Evaluation Process
- Equal Employment Opportunity and Performance Evaluation
- Tying Pay to Subjectively Appraised Performance
- Designing Merit Guidelines
THE BENEFITS DETERMINATION PROCESS
- Changes in Benefits Costs Over Time
- Why the Growth in Employee Benefits?
- Value and Ranking of Employee Benefits
- Key Issues in Benefit Planning, Design, and Administration
- Factors Influencing Choice of Benefit Packages
- Questionnaire Format for Benefit Surveys
- Employee Benefit Communication
INTERNATIONAL PAY SYSTEMS
- Managing Variations
- The Social Contract
- Culture and Managing International Pay
- Strategic Market Mind-Set
- Expatriate Pay
- Borderless World ? Borderless Pay?
GOVERNMENT AND LEGAL ISSUES IN COMPENSATION
- Government as Part of the Employment Relationship
- Fair Labor Standards Act of 1938
- Pay Discrimination: What Is It?
- Title VII of the Civil Rights Act of 1964
- Sources of the Earnings Gaps
MANAGEMENT: MAKING IT WORK
- Managing Labor Costs
- Control Salary Level: Top Down
- Ethics: Managing or Manipulating?
- Embedded Controls
- Why Communicate Pay Information?
- Journal Article(s) review and discussion
INSTRUCTIONAL METHOD AND FORMAT
- Instructor-led, interactive seminar style program
- Instructors are practicing Human Resource professionals with extensive experience in the field
- Course principles are delivered and reinforced using lectures, small group case studies, discussions, reading assignments, carefully selected and up-to-date journal articles and homework
A variety of methodologies will be used during the course that includes:
- (30%) Based on Case Studies
- (30%) Techniques
- (30%) Role Play
- (10%) Concepts
- Pre-test and Post-test
- Variety of Learning Methods
- Case Studies and Self Questionaires
- Group Work
Who should attend
- Human Resources staff who are responsible for the administration and management of benefits and reward
- Compensation and Benefits specialists who are new to the area or are looking for a refresher programmed
- More senior HR staff who are interested in the ‘Strategic’ value of the Compensation and Benefits area
- Line managers who are responsible for managing and motivating staff – and need a better understanding of how to manage remuneration.