Welcome to the Compensation and Benefit Management Training Course! In today’s competitive business environment, attracting, retaining, and motivating talent is essential for organizational success. One of the key factors that influence an employee’s decision to join or stay with a company is the compensation and benefits package offered. To address this critical aspect of human resources management, this course has been designed to provide you with comprehensive knowledge and practical skills in managing compensation and benefits effectively.

This course is designed to equip employees and managers with Knowledge, Attitudes and skills in order to:
1. Appreciate the importance of employee compensation and benefits in an organization.
2. Distinguish between different types of rewards
3. Develop a reward policy and programs that enhance the quality of employees
4. Use compensation and benefits strategies to meet the needs of employees
5. Apply the laws affecting employee compensation and benefits employees.
6. Create a fair wage/ salary pay system
7. Identify the emerging challenges in compensation and benefits management
8. Develop an incentive program that can motivate employees
9. Apply relational database in employee information management in reward management

• Effective Talent Attraction and Retention
• Improved Employee Satisfaction
• Enhanced Productivity
• Compliance with Regulations
• Cost Control
• Positive Company Image
• Alignment with Organizational Goals
• Informed Decision-Making
• Reduced Conflicts
• Adaptability to Changing Needs
• Employee Well-being

• Human Resources Professionals
• Compensation and Benefits Managers
• HR Consultants
• Business Owners and Entrepreneurs
• Managers and Supervisors
• Anyone involved in designing or managing compensation and benefits programs within their organization.

10 days

Module One: Introduction to Compensation

• Introduction of terms and Basic principles of compensation
• Objectives and purposes of sound compensation
• Components of Compensation
• Advantages and Disadvantages
• Relevance of compensation and benefits in Human Resource Management
• Importance of Compensation to Other Fields of Human Resource Management
• Theories Related to Compensation Components of an Effective Compensation Strategy

 

Module Two: HR Responsibilities and Roles in Compensation

• The competencies, duties and responsibilities of the Compensation and Benefits Officer
• How to calculate the different components of payroll
• Design compensation structure
• Understanding reward management as a strategy
• Meeting Competitive Challenges through Employee Compensation

 

Module Three: Legal and regulatory framework in compensation

• legal system & equal opportunity
• Equity in reward management
• Legal issues related to pay
• Work flow analysis & organizational structure
• Job analysis
• Job design
• How do you develop a compensation strategy
• Discuss compensation strategy with other team members

 

Module Four: Compensation and Benefits Program

• How to Evaluate the effectiveness of compensation and benefits program?
• Theories of compensation and benefits
• Recent Developments in compensation and benefits program
• Contingent Factors in Compensation Plan
• What are the key compensation strategy components?
• Understanding pay structures
• Developing a reward policy

 

Module Five: Determinants of Compensation and Benefits

• Determinants of pay
• Job evaluation and job analysis
• Pay relativities
• Bargaining power
• Individual contract
• Demand and supply of labour
• Collective bargaining agreement
• Minimum wage requirements

 

Module Six: Determinants of Compensation and Benefits Base pay

• Base pay
• Other types of compensation
• Incentive pay
• Referral compensation
• Commission payment
• Bonus payment
• Overtime payment
• Cost of living increase
• Profit-sharing
• Stock options
• Advantages and disadvantages
• Deciding on what to pay

 

Module Seven: Employee Benefits

• Statutory and Non-statutory
• Direct / Indirect
• Health insurance
• Dental Insurance
• Vision insurance
• Short- and long-term disability
• Life insurance
• Retirement contributions
• Company vehicle
• Phone allowance
• Gym memberships
• Travel benefits
• Advantages and Disadvantages of each benefit

 

Module Eight: Compensation Issues

• External Equity & Market Surveys
• Internal Equity & Job Evaluation
• Current Challenges
• Merit Systems & Incentive Plans
• Organizational & Group Plans
• Managerial Pay & Strategic Fit

 

Module Nine: Benefits & Labor Relations

• Historical Trends & Mandated Program
• Non-Mandated Programs
• Employer Objectives & Strategies, Goals, Structure & Trends
• Employee participation in benefits plans

 

Module Ten: Aligning Pay with Strategic Objectives of the Organization

• Compensation and recruitment process
• Compensation and career development
• Compensation and Employee Performance Management
• Compensation and Employee Development & Retention
• Compensation and Job Satisfaction Introduction to Compensation.
• Tools/ software for maintaining data
• Evaluating the effectiveness of a sound pay system