Compensation and Benefits Management

Introduction

This program is designed for:

• 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.

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.

Content

Managing Compensation – An Overview

• 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
• Carrying Out the Job Analysis Process
• The Main Components of a Job Description
• Job Description Writing – Practical Application

Job Evaluation

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

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

Allowances as Part of Total Pay

• Purpose of Allowances
• Nature of WorkAllowances
• 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

Introduction to Compensation Surveys

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