Compensation, Benefit Administration and Reward Management
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Compensation, Benefit Administration and Reward Management Course
Introduction:
Astute employers understand that retaining high-quality employees necessitates offering an appropriate compensation and benefits package. Compensation encompasses wages, salaries, bonuses, and commission structures. By properly compensating employees, you demonstrate that you value their contributions both as professionals and individuals. This sense of value fosters a positive work environment, enhancing employee morale and motivation to perform their best.
Furthermore, when employees are aware of the availability of bonuses or commissions, their motivation to achieve exceptional results amplifies. Bonus and commission compensation plans become pivotal drivers of success, as they inspire employees to strive for greater achievements and excel in their roles.
Course Objectives:
By the Compensation, Benefit Administration & Reward Management training course, participants will be able to:
- Describe the key economic, psychological and motivational concepts that influence reward
- Discuss the role of reward strategies and policies in an organization
- Contribute to the administration of employee-reward policies and processes
- Differentiate between the factors that influence employee satisfaction with the reward system
- Defend the case for non-financial rewards in attracting, retaining and motivating people
- Design a strategic reward plan
Who Should Attend?
Compensation, Benefit Administration & Reward Management training course is ideal for:
- Human Resource Professionals
- Those working in or recently transferred to compensation, benefits or reward positions
- HR staff who are responsible for the administration of benefits or reward
- HR Business Partners
- Anyone involved in salary, pay and conditions of work
- Managers and team leaders involved in reward issues
Course Outlines:
Performance, Performance Related Pay and Motivation
- Performance Management
- Development and training
- Performance related pay
- Current best practice examples
- Contribution related pay
- Case study of reward practice at Netflix
Administration of Reward Equality and Inequality in Pay
- The administration of reward
- Salary and pay surveys
- Job evaluation
- Equality in reward
- Inequality in reward– causes and solutions
- Executive pay & Executive pay gap recording
PAYROLL AND FRAUDS
The fraud tree
- The HR 4C's policies
- Personnel behaviour and commitment
- Acceptable and Unacceptable Behaviour
Non-financial Rewards and Empowerment Employee Benefits
- Non-financial rewards
- Employee Participation
- Employee Engagement
- Employee Benefits
- Flexible benefit systems and Cafeteria rewards
- The role of Pensions
Total Remuneration Creating a Reward Strategy
- Total Remuneration for the whole organization
- Improved performance of the organization and individual
- Developing a reward strategy
- CIPD Pay management survey
- Review of the Murlis and Wright model of Total rewards
- Personal action planning