Reward Management

Course details

The reward management course provides participants with a good understanding of the significance of reward systems in an organizational context. Organizations need to formulate equity based reward systems to sustain the motivation and engagement of employees. This course is aimed at examining the best compensation practices that organizations should employ to reward their employees. It enables participants to focus on ethical principles of reward, policy initiatives and key practices in compensation planning. Establishing fair compensation and reward system, effectively managing the system and being proactive in improving the reward system forms a vital part of the course.

Objectives

Upon completion of this course participants will be able to:

• Link reward system to the business context
• Identify the significance of a reward system
• Analyze the factors influencing reward systems
• Assess key reward principles, policies and practices
• Set up a reward management system
• Establish internal/external equity
• Evaluate compensation dimensions related to a reward system

Target Audience

• Supervisors, line managers, HR specialists, generalists, compensation/ reward analysts

Course structure

• The course structure includes a combination of group discussions, case studies, practical exercises and simulations.

Program Contents

Module 1: Rewards Strategy

• Performance Management
• Role of HR and Management

Module 2: Base Pay Management

Module 3: Variable Pay Management

Module 4: Direct Compensation Programs For Different Employee Categories

Module 5

• Developing Policies And Ensuring They Guide Manager Decision-making
• Communicating Rewards Strategy And Programs
• Training All Parties At Interest
• Doing Environmental Scanning And Scenario Planning
• Evaluating Strategy Effectiveness
• Evaluating Individual Program Effectiveness
• Managing Change To Strategies And Programs