Compensation and benefits

//Compensation and benefits
Compensation and benefits 2016-06-01T20:03:56+00:00

What will you learn?

Compensation and benefit programme is all about showing care and concern to the employees by designing a motivational reward system. A performance management system is designed to evaluate the efforts of workers and keep up the healthy competition between them. This helps an organization to develop a good name within the market nationally and internationally. This course reveals about legal and theoretical perspectives. Being financial reward as its major concern, it is also related to incentives, pay equity, wage surveys and compensation and benefits.

This course provides solid grounding of skills and knowledge to manage compensation and benefits for the organization productively by managing the flexibility in business cost issue which arises due to the same programme.

Pre requisite or relevant knowledge;

  • Individual shouldat least have the basic knowledge and managing skills of organizational economic structure.
  • Human resources managementpolicies.

Who should attend?

This course provides skills for small businessmen to Human resource practitioners in national or multi-national companies. Even if you are a small vendor, you need to know how to get benefit from your employees and keep them alive during work.

Course outline;

Module 1: Strategic Compensation and Benefits (18 Hours)

Strategic Framework of Compensation Systems

  • Compensation Strategy
  • Business Strategy and Environment
  • Alignment with Business Objectives and Culture
  • Strategic link to other HR function
  • Impact on Compensation and Benefits with Mergers and Acquisition
  • Understanding trade-offs
  • Internal VS External equity
  • Determining Market Position
  • Benchmarking
  • Models of evaluating the ROI of a company’s compensation programme

Employees Motivation

  • Link of Compensation and Benefits with Employee Motivation
  • Understanding Motivational Theories

Module 2: Administrative Expert (24hrs)

Compensation and Benefits Administration

  • Designing Compensation Objectives & parameters
  • Designing Compensation policies parameters
  • Factors to consider in designing the compensation package
  • Factors involve in compensation and benefits administration
  • Compensation and Benefits Budgeting

Managing Audit and Pay process

  • Understanding the benefits and limitations of salary surveys
  • Methods for auditing pay and benefits within an organisation
  • Managing annual pay reviews
  • Dealing with promotions, transfer and other ad hoc events

Outsourcing

  • Types of payroll systems
  • Impact of outsourcing of compensation and benefits systems
  • Choosing and managing vendor partnerships
  • Documentation and Vendor Contracts
  • Transition from administrator to relationship manager
  • Evaluating partner effectiveness

Effective Communication

  • Understanding communication
  • Process of communication
  • Reporting and disclosure requirements
  • Building employee trust
  • Events centred communication

Module 3: Benefits and Incentives Management (30hours)

Benefits

  • Designing Benefits Plans
  • Healthcare Plans
  • Types
  • Costing
  • Insurance Plans
  • Flexi – Benefits
  • Time Off
  • Work-Life Benefits
  • Trends and issues

Incentives

  • Understanding Incentives
  • Roles of Incentives
  • Designing Incentives Plans
  • Long Term Incentives
  • Stock Option
  • Performance Contingent
  • Shares plans
  • Performance shares
  • Short Term Incentives
  • Incentive Pay Programmes
  • Variable Pay Plans
  • Measurements
  • Payout mechanisms
  • Funding and Return on Investment

Module 4: Compensation (Salary) Management (33hrs)

  • Salary Structure Objectives
  • Designing an equitable pay structure
  • Paygrade Design Parameters
  • Compression
  • Pay System
  • Legal Aspects
  • Base Pay Determination Methods
  • Advantages and disadvantages of various methods
  • Common applications
  • Methods of determining individual pay rates
  • Skill and competency base pay
  • Sales Compensation
  • Advantages and disadvantages
  • Types of sales jobs
  • Direct and indirect sales jobs
  • Factors use in determining mix
  • Quotas
  • Commission-only plans
  • Salary-plus-commission plans
  • Bonus plans
  • Executive Compensation
  • Elements of executive compensation
  • Variable Compensation
  • Performance Compensation
  • Skill base
  • Career development plans
  • Non-financial recognition
  • Design schemes
  • Team Compensation
  • Understanding Team
  • Types of Teams compensation plans
  • Measurements
  • Balance Score Card

Module 5: International and Global Compensation and Benefits (30hrs)

  • Understanding International / Global Compensation and Benefits
  • Approaches in International Compensation and Benefits
  • Issues and challenges of equity between home and host location
  • Comparison of package – similarities and differences

Legal Issues

  • Designing successful International Compensation Package
  • Expatriate compensation methodologies

Taxation Issues

  • Equalisation issues on housing, goods and services
  • International Transfer Issues
  • Compensation on third country nationals
  • Cases in China, Vietnam, India etc.

Module 6: Job Analysis & Performance Management Role (30hrs)

Job Analysis

  • Understanding Jobs, Job Analysis, Job Evaluation
  • What factors affect jobs and their designs
  • Simple model for Job / Role Understanding
  • Job Analysis process
  • Job Analysis and Compensation
  • Job Evaluation and Compensation
  • Job Evaluation Methods and Its application

Performance Management

  • Linking effective performance management to productivity & organisational competitiveness
  • Understanding performance and performance management cycle
  • Determining performance metrics and measurements
  • Performance and compensation

Module 7: Essential Statistical Tools for Compensation Management (18hrs)

  • Quantitative concepts
  • Statistics – organising and analysing data
  • Time value for money
  • Statistical modelling
  • Mathematical and statistical Applications
  • Statistical Software
  • Application of tools

The modules listed above may be conducted in a different sequence.

Impact/benefits of this course;

Compensation and benefit helps to keep company standards up by making employees more attentive and willing to work. This course plays a vital role for customer driven organizations. It affects a person’s socializing methodologies as well by making him to look for mutual benefits.

At course completion;

This course helps business to grow with its tactical and strategic compensation methodologies. Then you can identify compensation goals within HR department. Later you would be able to design proper salary/salary plus bonus plans or incentives which are beneficial for both employer and the employee.

This course persuades practitioners for the need of strategic analysis factor in setting compensation

Why Duke Training Centre?

DUKE members are a group of perfectionists who have designed this course in order to teach compensation and benefit through easiest way. We make sure everyone in our session gets the benefit of it, therefore we keep query sessions from time to time.

Our sessions are less theoretical and we talk about different cases to produce new ideas or solutions to the same old problem. We appreciate creativity and out of the box ideas to achieve excellence.