Compensations & Benefits Professional
The course will use a combination of theory and practical applications of course concepts. Participants will engage in simulation exercises that will emulate real life situations allowing them to gain deep insights about the concepts covered. It will use an approach which is easy to understand explaining the specifics of compensation and benefits. This approach will also help you in applying the principles of compensation and benefits practically at work.
Define and demonstrate understanding of the importance of compensation to the overall aims of HR management
Design a comprehensive compensation system
List the benefits of job evaluation and choose an appropriate system for own organization
Assess and provide advice on regional compensation practices
Recite the principal steps in a compensation survey and answer questions relating to the criticality of job
matching to the success of any compensation survey
Managing compensation: an overview
· Compensation objectives
· Total compensation
· Direct and indirect compensation
· Balancing compensation components
· Equitable, value adding, competitive and motivating compensation
· Internal consistency
· External consistency
· The hierarchy of needs and compensation
Job analysis and job descriptions
· Uses of job descriptions
· Job analysis explained
· Carrying out the job analysis process
· Conducting a proper job analysis interview
· Explaining a typical job description
· Job analysis: a summary
Job evaluation
· Definition of job evaluation
· Job evaluation systems
· Introduction to the Hay system
· Job grading
· Sources of error in the job evaluation process
Compensation systems
· Objectives of compensation
· Decisions to take
· Designing base salary structures
· Allowances to offer
· The structuring of benefits’ programs
· Important considerations in compensation
· Managing your compensation programs
Competitive compensation
· Staying competitive
· Designing and carrying out compensation surveys
· Four basic survey methods
· Data requirements
· Issues related to the implementation of change
Performance based rewards
· The definition of Performance Management (PM)
· Objectives of performance management
· Current and prevailing PM systems
· Rewarding performance
· Rewarding the right behaviors and results
Key Performance Indicators
Professionals with at least 2 to 3 years experience in the compensation and benefits field, HR administrators, officers, specialists, team leaders, managers and business partners who wish to enhance their knowledge and skills in this important area of human resources.