Course Objectives
Certified Compensation and Benefits Professional
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
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 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)