Course Details

This program helps the HR professionals understand the importance of compensation and benefits in such a way that they can understand the intricacies, basic reward system, the global trends in compensation and benefits and is able to link pay with performance for better planning. By the end of this workshop participants will be able to source well structured and reasonable compensation and benefits schemes that operate effectively, provide the best value to the organization and structure remuneration schemes that will attract

Unique benefits to the participants:

• Get a comprehensive, information packed courseware during the program and for back home use
• Learn from the industry experts who have a vast experience in the area of HR
• Network with other professionals with same background and interest

• Brand yourself as a certified compensation & benefits manager
• Your satisfaction is guaranteed

By attending this workshop you’ll learn:

• Understand the role of government regulation and social security in compensation globally
• Understand the 6 components of a compensation system
• Understand the 8 steps of how to build effective variable pay systems 
• Learn how to build a point plan and a job grading system to create internal equity
• Understand how globalization, sociological and demographic changes effects compensation
• Understand how to create different levels of salary benchmarks
• Understand how the Hay Plan is built
• Understand mandated and cafeteria benefit systems
• Learn how reward planning can be used to cut compensation costs
• Learn how to build high impact compensation systems in a recession

Course Overview:

MODULE 1: Compensation and Benefits Environment

The environmental factors effecting compensation and benefits

Government regulation & social security in compensation

Social changes & demographics in compensation

Changes in compensation due to collective bargaining

Changes in the compensation administration due to outsourcing & globalization

MODULE 2: Rewards & Basics of Compensation

Compensation basics

Components of compensation system

Equity theory

MODULE 3: Building Internal Equity

Job description

Establishing internal equity: job evaluation methods

Using job rankings

Creating job grading

Creating point plans

Hay plan overview

MODULE 4:  Building External Equity

Different aspects of establishing external equity

Salary survey

Designing salary surveys

Periodicity of salary surveys

MODULE 5: Building Individual Equity

Performance pay options

Building performance pay systems

Steps in introducing pay for performance system

Pay for performance: the challenges

MODULE 6: Benefit Plans & Total Reward Planning

Benefit plans

Mandated benefits

Security/Insurance benefits

Retirement benefits

Time off related benefits

Non-monetary perquisites

Monetary perquisites

Cafeteria plan/flexible benefit plans

MODULE 7: Total Reward Planning

Reward strategy objectives

Components of total reward