Compensation and Benefits Management

This training provides an overview of compensation and benefits strategies, including salary administration, benefits design, and employee rewards programs. Participants will learn about market trends, legal requirements, and best practices in compensation and benefits management. This course emphasizes the importance of creating a competitive and equitable compensation and benefits package.

Target Audience: This training is suitable for HR managers, compensation and benefits specialists, and anyone involved in designing and administering employee compensation and benefits programs.

Module 1: Introduction to Total Rewards Strategy

• What constitutes total rewards

• Role of compensation and benefits in employee value proposition (EVP)

• Strategic alignment with organizational goals

Module 2: Job Evaluation and Pay Structure Design

• Job analysis and job evaluation methods

• Building pay grades and salary bands

• Internal equity vs. external competitiveness

• Dealing with pay compression and anomalies

Module 3: Compensation Planning and Administration

• Base pay and variable pay systems

• Merit pay, bonuses, and incentive programs

• Payroll management and salary budgeting

• Pay-for-performance models

Module 4: Benefits Design and Management

• Types of employee benefits: health, insurance, retirement, time off, etc.

• Creating flexible benefits plans

• Benefits communication and employee engagement

• Cost control strategies for benefit programs

Module 5: Benchmarking and Market Competitiveness

• Salary surveys and market data interpretation

• Using compensation data for decision-making

• Positioning within the market (lag, match, lead strategies)

Module 6: Legal and Ethical Considerations

• Compliance with labor laws, taxation, and statutory benefits

• Equal pay, non-discrimination, and transparency

• Ethical challenges in compensation decisions

Module 7: Communicating Compensation and Benefits

• Transparency vs. confidentiality in pay discussions

• Managing expectations and employee perceptions

• Enhancing retention through clear rewards communication