Is Your Reward System Still Appropriate In Current Business Environment.

The overall aim of the program is to make the candidate have a good understanding and knowledge of compensation & benefits. In other words to equip the HR professional with the importance of compensation & benefits such that they are able to understand the intricacies of compensation & benefits plans, basic reward system, global trends in compensation & benefits and is able to link pay with performance for better planning.

By attending this workshop you’ll learn:
·Understand what benefits the employees are entitles to
·Understand the various kinds of tax laws and its prerequisites
·Learn the impact of culture and collective bargaining on compensation & benefits
·Understand the elements of compensation
·Create a total compensation plan
·Develop and administer benefit plans
·Be able to link pay to performance
·Set up incentive pay plan for the organization

Who should attend?
Senior HR executives and professionals who develop and administer the compensation and benefits plan in an organization.

Course Overview:
MODULE 1: Compensation and Benefits Environment
·The environmental factors effecting compensation and benefits
·Government regulation & social security in compensation
·Social changes & demographics in compensation
·Changes in compensation due to collective bargaining
·Changes in the compensation administration due to outsourcing & globalization

MODULE 2: Rewards & Basics of Compensation
·Compensation basics
·Components of compensation system
·Equity theory

MODULE 3: Building Internal Equity
·Job description
·Establishing internal equity: job evaluation methods
·Using job rankings
·Creating job grading
·Creating point plans
·Hay plan overview

MODULE 4: Building External Equity
·Different aspects of establishing external equity
·Salary survey
·Designing salary surveys
·Periodicity of salary surveys

MODULE 5: Building Individual Equity
·Performance pay options
·Building performance pay systems
·Steps in introducing pay for performance system
·Pay for performance: the challenges

MODULE 6: Benefit Plans & Total Reward Planning
·Benefit plans
·Mandated benefits
·Security/Insurance benefits
·Retirement benefits
·Time off related benefits
·Non-monetary perquisites
·Monetary perquisites
·Cafeteria plan/flexible benefit plans

MODULE 7: Total Reward Planning

• Reward strategy objectives
• Components of total reward

Certified Recruitment Analyst
28th & 29th January’2009.