Course Objectives
Certified Compensation and Benefits Professional - Virtual Learning
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 overviewCompensation objectivesTotal compensationDirect and indirect compensationBalancing compensation componentsCompensation and benefits cycleInternal consistencyExternal consistencyThe hierarchy of needs and compensation
Job analysis and job descriptionsUses of job descriptionsJob analysis explainedCarrying out the job analysis processConducting a proper job analysis interviewExplaining a typical job descriptionJob analysis: a summary
Job evaluationDefinition of job evaluationJob evaluation systemsIntroduction to the Meirc systemThe Meirc job evaluation system explainedIntroduction to the Hay systemJob gradingSources of error in the job evaluation process
Compensation systemsObjectives of compensationDecisions to takeDesigning base salary structuresAllowances to offerThe structuring of benefits’ programsImportant considerations in compensationManaging your compensation programs
Competitive compensationStaying competitiveDesigning and carrying out compensation surveysFour basic survey methodsData requirementsIssues related to the implementation of change
Performance based rewardsThe definition of Performance Management (PM)Objectives of performance managementCurrent and prevailing PM systemsRewarding performanceRewarding the right behaviors and resultsKey Performance Indicators (KPIs)