Compensation and Benefits Management

This course looks at the basic building blocks of effective compensation and benefits administration and then goes on to explore the strategic dimensions - how the whole process can add real value for money and help the organisation achieve its strategic objectives. In all organisations, the course  will enable you to design compensation & benefits policies that motivate your employees while keeping their focus on the company’s strategic objectives. 

A well designed compensation & benefits plan will benefit your organisation by the Job satisfaction as your employees would be happy with their jobs and would love to work for you if they get fair rewards in exchange of their services. they would associate themselves with firms which offer greater chances of promotion, learning and development.

Successful Compensation and benefits managers analyze data to determine the best pay and benefits plans for an organization. They may also monitor trends affecting pay and benefits and assess ways for their organization to improve practices or policies.

By the end of Compensation and Benefits Management Course you will be able to: 

• Define what is Compensation and benefits? Explain the importance of Compensation and benefits to attract and retain the right talent
• Understand the components of Compensation and benefits management
• Strike the right balance between fixed and variable pay for each role/ job
• Compensate fairly for the level of experience, technical expertise, competencies that individuals bring to the table
• Develop skills to effectively design employee package to achieve win-win for both employer and the employees
• Successfully manage to retain the best talent in the competitive marketion
• Develop a clear understanding of reward philosophy and strategy
• Demonstrate how the component parts of reward strategy fit together
• Explore issues surrounding the effective management of the human resource
• Describe why staff are the most expensive resource of the organisation
• Evaluate new practices that might benefit their organization
• Preparing a salary structure and other related policies
• Understand the basic compensation survey process

This Compensation and Benefits Management Course is ideal for :

• Payroll Specialists, Payroll Leaders and Managers, Recruitment and HR personnel, Independent HR experts, Independent Recruiters and consultants
• HR staff who are responsible for the administration of benefits and reward
• Compensation and Benefits specialists who are new to the area or are looking for a refresher course
• More senior HR Staff who are interested in the strategic value of compensation and benefits
• Line Managers and Senior Staff who are responsible for managing and motivating Staff – and need a better understanding of the impact of remuneration
• Others who wish to understand about this important subject

Course Outline

Day 1
Introduction to Compensation and Benefits Management

• What is Compensation and benefits management?
• Benefits of Compensation and benefits
• Basic principles of Compensation and benefits management
• Difference between compensation and benefits
• Designing the compensation and benefits plan
• Philosophy of reward
• Pay structures and systems
• Reward strategies and the psychological contract
• Job grades and Career mapping
• Job evaluation
• Pay surveys

Day 2
Compensation and Benefits - in Context

• Motivation models, money and motivation
• Performance management and performance related pay
• Competency frameworks
• Team rewards
• Upward and 360 appraisals
• Contingent pay

Day 3
Compensation Structure

• Understanding the different components of compensation policies
• Understanding the components on which the pay levels get affected
• How much should we pay for competence?
• Understanding the basic pay scale
• The grading scale and progression and spread

The International Perspective

• International and multinational perspectives
• The labour market and Human Resource planning
• Equality and diversity
• Job analysis
• Dynamic organisations and change management strategies
• The changing context and nature of the employment relationship

Day 4
The methodology of Allowances and Benefits

• Understanding the purpose of allowance
• The different kinds of work allowance
• Nature and non-nature of work allowance
• Understanding the importance of benefits
• Different categories of benefits

Employee Involvement

• Employee engagement
• Employee participation
• Trades Unions and Employee Representatives
• Consultation
• Involvement in and support of change
• Practical activities

Day 5
Benefits and Compensation Surveys

• Understanding the regional practises and effective management of benefits program and long – term benefits plan
• Role of compensation surveys
• Training on preparation of a compensation survey reports
• Training on carrying out compensation surveys
• Review of the course and “Question and Answer session”

Current Good Practice

• Flexible benefits
• National minimum wage
• Commissions and sales staff
• Profit sharing
• Case study
• Action planning