Course Code: HRM4
Category: Human Resource Management
Dates, Venues & Fees:
May 04-May 08|London | $4,200.00
Aug 03-Aug 07| Dubai | $3,950.00
Duration: One Week
Course Overview
Without an effective compensation and benefits strategy, and organizations may not enjoy the greatest return on its significant total compensation investment. The development and maintenance of an effective compensation and benefits strategy ensures alignment with the organization’s overall strategy and direction.
In this course, Compensation, Benefits Administration and Reward Management, delegates will be led to excel at one of the most critical responsibilities in managing human resources by expanding and refining their knowledge of key compensation and benefit techniques such as incentives pay based on skill level, seniority and merit. Delegates will learn to link compensation plans to recruitment, employee selection, performance reviews and employee training and development.
Target Audience
This course will greatly benefit anyone who requires and in-depth knowledge of working with, and managing salary structures and compensation and benefit issues. This includes professionals who work in human resources at all career levels and all specialists who work in compensation and benefits.
Course Outcome
Upon completion of this course, delegates will be able to:
- Describe the elements of and effective compensation strategy
- Increase business performance and employee effectiveness by implementing compensation and reward systems that attracts, retain and motivates staff
- Describe the process of developing effective compensation and benefit strategy
- Align the basic salary structures and grade and compensation and reward systems to the organization’s business objectives and HR strategy
- Explain the process of developing and costing base pay, variable compensation, and benefits programs aligned with an organization’s compensation strategy
- Describe the process of communicating compensation and benefits strategy to various audiences
- Explain the possible challenges and pitfalls to be mindful of when developing and maintaining a compensation and benefits strategy
- Describe the process of updating and the compensation and benefits strategy
Key Course Highlights
- The evolution of HR rewards; the total rewards model; strategy and approach; drivers and elements of total rewards strategy
- The factors influencing compensation: pay base structure and design, differential pay and variable pay
- Elements influencing benefits, income protection for benefits and pay for time not worked programs
- Work-life effectiveness, work-life professional and work-life portfolio
- Recognition programs and how to use them to drive results along with the different types of recognition plans and programs
- Performance management and pay for performance, principle of merit pay programs, base pay investment and merit increase guidelines
- Talent development in total rewards and type of talent development opportunities and how to measure their effectiveness
- Total reward system, process and design considerations