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Human Resource Management: Compensation and Benefits Management

Audience

Managers, prospective managers, and any other employees seeking competency in the area of HR management

Prerequisites

A basic understanding of the HR management function

Course Aim

To introduce the learner to the issues involved in compensation and benefits management

Learning Objectives

Discuss the forms and policies relating to pay. Explain the different factors which affect pay policies. Discuss the concept of rewarding skills. Take the appropriate steps towards creating a pay policy. Define employee contributions. Explain how to reward employee contributions. Discuss evaluation and implementation of performance-related pay. Compare methods of paying for performance in various countries. Explain the importance of benefits. Discuss the impact of both competition and the law on the benefits system. Define and discuss 'coverage'. Explain what is meant by a strategic pay system. Discuss the link between pay and organizational performance.

Topics Covered

Determining Base Pay - Pay forms and policies - External factors - Job-related factors - Employee-related factors - DecisionPath: Developing a pay policy Paying for Performance - Defining employee contributions - Rewarding performance - Evaluation and implementation - Global comparisons - Hands-on: Comparing pay strategies Benefits Administration - The importance of benefits - Competitiveness and compliance - Employee coverage - Side issues of the benefits system Strategic Compensation - Defining strategic compensation - Relating pay to organizational performance