Course details
Today employee costs are rising and managing these costs in an optimal manner is critical for organizational success. The organizations need to maintain a balance between the salary hike and profitability and productivity.Compensation and benefits is an emotive area, not only for the organizations but also for the employees. Establishing and managing a reward structure is one of the critical cornerstones of the human resource department. It is extremely important to design the right reward package that supports the business goals.
By the end of the program you will learn:
- Understand the role of government regulation & social security in compensation globally.
- Understand how globalization, sociological and demographic changes & effects compensation.
- Understand the 6 components of a compensation system.
- Understand the 8 steps of how to build effective variable pay systems.
- Learn how to build a point plan and a job grading system to create internal equity.
- Understand how to create different levels of salary benchmarks.
- Understand the Hay Plan.
- Understand mandated and cafeteria benefit systems & how reward planning can be used to cut compensation costs.
- Learn how to build high impact compensation systems.
MODULE 1: Compensation And Benefit Environment
- Environmental Factors
- Governmental Regulation
- Laws affecting compensation
- Collective Bargaining
- Social Security
- Globalization / Technology
- Components Of Compensation System
- Equity Theory
- Overall process
- Job evaluation method 1 - Paired comparison
- Job evaluation method 2 - Job Grading
- Job evaluation method 3- Point plan
- Job evaluation method 4- Hay plan
- Overall Process
- Salary Survey
- Variable Pay Options
- Steps in introducing Pay for Performance
- Compensation & Recognition
- Building Complete Compensation Plan for the Organization
- Deciding Salary Structures
About Middle Earth HR Pvt Ltd
We are the 7th largest HR certification body in terms of number of HR professionals certified with 1,656 of them in the last one year going through our process of certification.
Largest HR certifying agency in Asia.
HR professionals from close to 50 nationalities have got certified over the last 2 years.
Unique learning solutions in all HR verticals like Talent Acquisition, Training and Development, Performance Management, Compensation and Benefits, Culture and OD, HR Analytics.
Having Exceptional Quality, Globalized and a practical approach to HR training. Having a workshop component, post workshop mentored project and certification support.
Mentoring and supporting over 3,000 HR projects in over 2000 organizations annually through our faculty, project guidance cell and consulting team.
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