Compensation and Benefits Management in HR

Introduction:

Compensation and Benefits Management in HR

Let's put it out there: every organization incurs its highest cost in the form of human resources. In every organization, the management of employee compensation and benefits must be handled with the utmost precision and quality. Trained revenue managers, with the added value of a strategic perspective, can effectively manage these systems within any organization.

This Human Resource Management course provides participants with a comprehensive understanding of the processes involved in benefits administration, focusing on the strategic aspects—viewing the entire activity as a cost-effective mechanism that supports the institution in achieving its goals and objectives.

This short course offers valuable insights into selecting the appropriate tools to design and implement reward systems in organizations, considering societal and organizational trends while balancing employee commitment with the company’s profitability.

This training course also offers participants the opportunity to earn HR Compensation and Benefits, validating their expertise in this specific area. Acquiring this course equips participants with practical skills essential for effective management of compensation and benefits.

Upon completing the Compensation and Benefits Management in HR program, participants will be awarded the title of Compensation and Benefits Professional, positioning them as specialists with best practices and techniques for managing pay in any organization.

Objectives:

Upon completion of the Compensation and Benefits Management in HR course, participants will be able to:

• Appreciate the principles of reward philosophy and strategy.
• Develop skills in human resource management.
• Learn and apply new practices beneficial to their organizations.
• Achieve effective design and implementation of reward management systems.
• Identify key elements of a credible benefits strategy.
• Understand the fundamental components of compensation.
• Conduct activities such as job analysis, preparation of job descriptions, and job evaluation.

Training Methodology:

• Workshops
• Case studies
• Face-to-face discussions
• Role-playing exercises
• Real-life scenario practice
• Lectures
• Peer learning
• Project work
• Reflective journal writing
• Online courses
• Assignments

Course Outline

Unit 1: Compensation and Benefits – Good Organizational Practice

• Philosophy of reward
• Structure of pay systems and organization
• The psychological contract
• Reward strategy
• Job banding
• Career development plans
• Person analysis
• Conducting staff remuneration surveys and market analysis

Unit 2: Compensation and Benefits in Context Motivation Models

• Performance appraisal management
• Competency model system
• Pay-for-performance models
• Money and motivation correlation
• Team rewarding
• Incentive award systems
• Implementing upward and 360-degree reviews
• Performance-based pay

Unit 3: The International Perspective

• Trends in compensation and benefits internationally
• Reward systems in multinational organizations
• Planning HR for diverse labor forces

Unit 4: Equality and Diversity

• Ensuring recognition schemes are inclusive
• Compensation and diversity management
• Setting and enforcing equal pay standards
• Measuring and reporting on equal pay
• Comprehensive job analysis methods

Unit 5: Change Management

• Managing fluid organizational structures
• Impact of change management on rewards
• Development of employment relationships and orientation on compensation

Unit 6: Employee Involvement

• Enhancing employee participation
• Employee involvement in benefits administration
• Interaction with trade unions and works councils
• Promoting consultation

Unit 7: Current Good Practice

• Implementing flexible benefits schemes
• Understanding national minimum wage implications
• Compensating sales designers
• Profit-sharing concepts
• Case study analysis
• Action planning for continuous improvement