Compensation And Benefits

Category: Compensation And Benefits

Course Description

Professionals working in the function who wish to acquire relevant knowledge and skills, and those working in other areas of Human Resources who wish to broaden their understanding of this important function.

Course Objectives

  • Explain the basic principles and major elements of compensation.
  • Apply the various processes in compensation: job analysis, job descriptions and Job Evaluation.
  • Determine and explain what constitutes a sound and effective compensation and benefits program.
  • Design a salary structure and related policies.
  • Describe the basic compensation survey process.

Course Outline

  • Compensation Objectives, Components and Factors Affecting Compensation
  • Effective Compensation Management System
  • The Need for Job Descriptions
  • Principal Approaches to Job Analysis
  • Carrying Out the Job Analysis Process
  • The Main Components of Job Description
  • Job Description Writing – Practical Application
  • Job Evaluation Defined
  • Job Evaluation Methods
  • The Meirc System Explained
  • The Hay System: An Overview
  • Job Evaluation Guidelines
  • Sources of Error
  • Main Compensation Policies
  • Factors Affecting Pay Levels
  • Paying for Competence
  • Basic Salary Structures
  • Salary Structure Design
  • The Right Number of Grades
  • Spread and Progression
  • Purpose of Allowances
  • Nature of Work Allowances
  • Non Nature of Work Allowances
  • Regional Practices
  • Definition and Purpose of Benefits
  • Categories of Benefits
  • Regional Practices
  • Managing an Effective Benefits Program
  • Main Features of a Long Term Benefit Plan
  • Purpose of Surveys
  • Designing and Carrying Out a Compensation Survey
  • Compensation Survey Reports