Compensation and Benefits
A well designed compensation and benefits plan helps to attract, motivate and retain talent in the organisation. A compensation plan that hits workers’ needs is more likely to motivate them to act in the desired way. It refers to the monetary and non-monetary benefits passed on by a firm to its employees.
It is an important aspect of HRM as it helps to keep the workforce motivated. When people feel valued, they feel better about coming in to work and perform a good job it helps give benefits to employees based on their performance and actions and brings the best out of the employees at the workplace.
Compensation and Benefits Outline:
Module 1: Compensation and benefit environment
- Environmental Factors
- Governmental Regulation
- Laws affecting compensation
- Collective Bargaining
- Social Security
- Globalization / Technology
Module 2: Compensation systems overview
- Components Of Compensation System
- Equity Theory
Module 3: Building internal equity
- Overall process
- Job evaluation method 1 – Paired comparison
- Job evaluation method 2 – Job Grading
- Job evaluation method 3- Point plan
- Job evaluation method 4- Hay plan
Module 4: External Equity
- Overall Process
- Salary Survey
Module 5: Individual Equity
- Variable Pay Options
- Steps in introducing Pay for Performance
- Compensation & Recognition
Module 6: Benefit Plans
- Benefit Plans
- Cafeteria Plan
- Reward Strategy Objectives
Who should attend?
- Senior HR, HR Specialist
- Payroll officers, HR managers, HR Admin Manager
- Lead PMS and Talent Management
- Vice President HR, Deputy Manager
- Senior Executive-Com & Ben
- Head HR with relevant experience
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