Compensation and Benefits Management Masterclass

Course Code: HRM 139

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Course Sector:

HR Strategy and Training

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Introduction

Training course introducion / brief

The compensation, benefits and reward schemes that these HR professionals manage are not only important for retaining and motivating employees, but also for attracting new people to the company. Salary and incentive packages are one of the main reasons why people apply for specific jobs. The more attractive compensation and benefit schemes tend to generate more interest in new positions. The right compensation and benefits schemes ensure that hard-working employees are rewarded fairly and in the most cost-effective way for the company. This in turn then motivates employees to sustain their performance. This training program is designed to cater the needs of HR professionals to enhance their knowledge in compensation and reward management.

Gain a comprehensive understanding of the relevance of compensation and reward
Learn how to attract and keep talented employees through a robust compensation and benefit strategy.
Explore the importance and benefits of job evaluation in managing compensation and benefits.
Understand how to create more dedicated employees through proper compensation and benefit management.
Understand how to provide strong benefit for employees and cost-effective for companies.
Identify and apply current best practices in managing compensation, benefits, and rewards.

This training course is designed and beneficial for HR Professionals such as HR Director, HR Generalist, HR Assistants, Personnel Manager, and HR Business Partners.

Introduction to compensation and benefit

What is Compensation?
Why Compensation and How to set base pay?
Compensation system
What is Reward and what are the components of reward system?
Main objectives of to give rewards to the employees
Types of rewards
Reward Strategy and Reward Policies

Compensation and Benefit Management

Compensation objectives
Total compensation
Direct and indirect compensation
Balancing compensation components
Compensation and benefits cycle
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 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

Performance Management

Development and training
Performance related pay
Current best practice examples
Contribution related pay

Performance-Based Reward and Compensation

Theories of Compensation
Consequences of pay dissatisfaction
Compensation and Reward Management
Importance of Compensation Management
Factors affecting compensation Management

Inputs of compensation Structure

Laws governing and affecting Pay Structure
Recent Trends in Compensation and Reward Management
How to manage compensation and reward in recession
Challenges in Compensation and Reward Management

Non-financial Rewards and Empowerment Employee Benefits

Non-financial rewards
Employee Participation
Employee Engagement
Employee Benefits
Flexible benefit systems and Cafeteria rewards
The role of Pensions

Benefits and Compensation Surveys

Understanding the regional practises and effective management of benefits program and long – term benefits plan
Role of compensation surveys
Training on preparation of a compensation survey reports
Training on carrying out compensation surveys

Current Best Practices

Flexible benefits
National minimum wage
Commissions and sales staff
Profit sharing
Case study
Action planning

Boost certificate of completion

BOOST's Professional Attendance Certificate “BPAC” is always given to the delegates after completing the training course, and depends on their attendance of the program at a rate of no less than 80%, besides their active participation and engagement during the program sessions.

ENDORSED EDUCATION PROVIDER

Flexible deadlines

Customized dates accordance to your schedule

Shareable Certificate

Earn certificate upon completion

COURSE METHODOLOGY

Our Training programs are implemented by combining the participants' academic knowledge and practical practice (30% theoretical / 70% practical activities).

At The end of the training program, Participants are involved in practical workshop to show their skills in applying what they were trained for. A detailed report is submitted to each participant and the training department in the organization on the results of the participant's performance and the return on training. Our programs focus on exercises, case studies, and individual and group presentations.

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TRAINING COURSE: Compensation and Benefits Management Masterclass