Compensation & Benefits

Organisations spend a significant proportion of their operating costs on pay, incentives and benefits. However, many of them do not have a reward strategy in place potentially wasting much of this important investment. Through several case studies, you will explore the different processes needed to develop a robust reward strategy. 

Objectives:

• Understand key components of Compensation and Benefits
• Design a salary structure and related policies
• Establish and maintain organization’s pay structure 
• Understand the impact of the options for various reward programmes
• Identify different job evaluation methodologies and decide when to apply them
• Assess key business, organisational and HR issues that have to be taken into account when developing a reward strategy
• Have a clear idea of motivation and economic reward

Outline:

• Definition of Compensation
• Pay structures and systems
• Reward strategies and motivation impact
• Conducting Job analysis
• Evaluate jobs and who should be involved
• Determine grades for each job family
• Establishing grade and determine appropriate salary structure in each grade
• Job description 
• Managing compensation
• Effective compensation plan and management system
• Competency framework
• Understanding benefits and managing effective benefits program
• Designing Pay for Performance Plan
• 360 Appraisals
• Increase Employee engagement 
• Driving employee performance
• Increase morale, what motivates employees
• Employee participation
• Employee retention 
• Encourage company loyalty
• Career mapping 
• Benefits including vacation, leaves, insurance, air ticket allowance
• Commissions for Sales employees, bonus and other rewards
• Long term incentives
• Flexible working hours
• Monitor feedback
• Make changes when required
• Balancing internal and external pressures
• Designing employee surveys 
• Interpret survey results and implementing action plan.