Course Objectives
Compensation and Benefits - Virtual Learning
Course Objectives
By the end of the course, participants will be able to:
Explain the basic principles and major elements of compensation
Apply the various processes in compensation: job analysis, job descriptions and job evaluation
Explain what constitutes a sound and effective compensation and benefits program
Design a salary structure and related policies
Describe the basic compensation survey process
Target Audience
Professionals working in the function who wish to acquire relevant knowledge and skills, and those working in other areas of human resources as administrators, officers, specialists, team leaders, managers and business partners who wish to broaden their understanding of this important function.
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 objectivesComponents and factors affecting compensationEffective compensation management system
Job analysis and job descriptionsThe need for job descriptionsPrincipal approaches to job analysisCarrying out the job analysis processConducting a proper job analysis interviewThe main components of a Meirc job descriptionWriting job descriptionsPractical applications
Job evaluationDefining 'job evaluation'Job evaluation methodsThe Meirc system explainedThe Hay system: an overviewJob evaluation guidelinesSources of errorPractical job evaluation applications
Compensation systemsMain compensation policiesFactors affecting pay levelsPaying for competenceBasic salary structuresSalary structure designThe right number of gradesSpread and progressionBuilding a salary structure
Allowances and benefitsAllowances as part of total payPurpose of allowancesNature of work allowancesNon nature of work allowancesRegional practicesUnderstanding benefitsDefinition and purpose of benefitsCategories of benefitsRegional practicesManaging an effective benefits programMain features of a long term benefit planConducting a benefits package assessment
Introduction to compensation surveysPurpose of surveysDesigning and carrying out a compensation surveyCompensation survey reports