Compensation and Benefits Management

Introduction

This course is designed for:

• Professionals and experts working in the function who wish to acquire related knowledge and skills
• And those working in other areas of Human Resources who wish to broaden their comprehension of this important function.

Objectives

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

Course Outline

Day 1

An Overview of Managing Compensation

• Compensation Objectives, Components and Factors Affecting Compensation.
• Effective Compensation Management System.

Job Analysis and Job Descriptions

• The Need for Job Descriptions.
• Principal Approaches to Job Analysis.
• Handling the Job Analysis Process.
• The Main Components of a Job Description.
• Job Description Writing “Practical Application”.

Day 2

Job Evaluation

• Job Evaluation Definition.
• Job Evaluation Methods.
• The System Explained.
• The Hay System: An Overview.
• Job Evaluation Guidelines.
• Sources of Error.

Day 3

Compensation Systems

• Main Compensation Policies.
• Factors Affecting Pay Levels.
• Paying for Competence.
• Basic Salary Structures.
• Salary Structure Design.
• The Right Number of Grades.
• Spread and Progression.

Day 4

Allowances as Part of Total Pay

• Purpose of Allowances.
• Nature of Work Allowances.
• Non-Nature of Work Allowances.
• Regional Practices.

Understanding Benefits

• Definition and Purpose of Benefits.
• Categories of Benefits.
• Regional Practices.
• Managing an Effective Benefits Program.
• Main Features of a Long-Term Benefit Plan.

Day 5

Introduction to Compensation Surveys

• Purpose of Surveys.
• Designing and Carrying Out a Compensation Survey.
• Compensation Survey Reports.