Why Attend
‘Compensation and benefits’ is the part of human resources that works behind the scenes. It is usually the specialization in human resources that professionals in the field typically avoid for its seemingly complex nature and dependency on mathematics. By attending this course, you will change your mind about this HR specialty. You will learn an approach which is easy to understand and which explains the specifics of compensation and benefits. This approach will also help you in applying the principles of compensation and benefits practically at work.
In this certified course, participants will demonstrate the knowledge they gained by taking an examination at the end of the course.
Course Methodology
The course will use a combination of theory and practical applications of course concepts. Participants will engage in simulation exercises that will emulate real life situations allowing them to gain deep insights about the concepts covered.
Course Objectives
By the end of the course, participants will be able to:
- Define and demonstrate understanding of the importance of compensation to the overall aims of human resources management
- Design a comprehensive compensation system
- List the benefits of job evaluation and choose an appropriate system for own organization
- Assess and provide advice on regional compensation practices
- Recite the principal steps in a compensation survey and answer questions relating to the criticality of job matching to the success of any compensation survey
Target Audience
Professionals with at least 2 to 3 years experience in the compensation and benefits field, HR administrators, officers, specialists, team leaders, managers and business partners who wish to enhance their knowledge and skills in this important area of human resources.
Target Competencies
- Deciding and initiating action
- Working with people
- Relating and networking
- Presenting and communicating
- Analytical thinking
- Applying expertise and technology
- Formulating concepts and strategies
- Following instructions and procedures
Course Outline
- Managing compensation: an overview
- Compensation objectives
- Total compensation
- Direct and indirect compensation
- Balancing compensation components
- Equitable, value adding, competitive and motivating compensation
- Internal consistency
- External consistency
- The hierarchy of needs and compensation
- Job analysis and job descriptions
- Uses of job descriptions
- Job analysis explained
- Carrying out the job analysis process
- Conducting a proper job analysis interview
- Explaining a typical job description
- Job analysis: a summary
- Job evaluation
- Definition of job evaluation
- Job evaluation systems
- Introduction to the Meirc system
- The Meirc job evaluation system explained
- Introduction to the Hay system
- Job grading
- Sources of error in the job evaluation process
- Compensation systems
- Objectives of compensation
- Decisions to take
- Designing base salary structures
- Allowances to offer
- The structuring of benefits’ programs
- Important considerations in compensation
- Managing your compensation programs
- Competitive compensation
- Staying competitive
- Designing and carrying out compensation surveys
- Four basic survey methods
- Data requirements
- Issues related to the implementation of change
- Performance based rewards
- The definition of Performance Management (PM)
- Objectives of performance management
- Current and prevailing PM systems
- Rewarding performance
- Rewarding the right behaviors and results
- Key Performance Indicators (KPIs)
