Compensation strategy and systems
This course focuses on a specific area in Human Resource Management, that is, compensation planning and management in contemporary organisations. As organisations have sought to improve the motivation and retention of employees, compensation has become an increasingly important element of a company’s strategy.
This course will examine compensation theories and models, pay systems and structures, benefits, as well as internal and external fairness in compensation.
Joining the course will allow you to:
Identify current state and emerging trends in compensation management; diagnose compensation-related problems in the organisation.
Recognize the role and limitations of compensation in motivation and retention of employees
Construct a compensation system encompassing internal consistency and external competitiveness.
Examine the role of pay-for-performance systems in total compensation; recognise how compensation and benefit decisions help the organisation achieve a competitive advantage.
Critically analyse the strategic importance of compensation to the achievement of organisational goals; develop the basic competencies required for the development and management of compensation systems.
Session 1. Introduction and overview
Compensation Structure and Organisational Strategy
Determining the Pay Level
Designing pay levels and compensation structures
Session 3. Determining Individual Compensation and Benefits
The employee contract
Evaluating employee contributions
Pay for performance
Session 4. Determining Individual Compensation and Benefits
Employee benefits programs, incl. insurance and pensions
Fairness, internal consistency and employee satisfaction
Managing benefits and employee incentive programs
Session 5. Executive Compensation
Session 6. Legal and Ethical Issues in Compensation Management