Compensation and Benefits
Compensation includes the monetary and non monetary components such as an employee's base salary and additional benefits like the health insurance, retirement plans and performance bonuses. The compensation package a business offers to its employees often affects the company's recruitment rate, retention rate and employee satisfaction. It is mandatory for the business owner and the HR Personnel to understand the importance of compensation and the prevailing laws to remain competitive in the market.
Our Training Program is designed for HR personnel at all levels and for people who work related to managing human resources with employee compensation and benefits in order to manage their employee compensation and benefit more effectively within companies. In every organization, it is important that the administration and management of compensation and benefits is of the highest quality. Our training provides the details for establishing, maintaining, and evaluating an effective Compensation Program. It also encapsulates the factors that influence compensation and the types of compensation plans available
Our Topics Include
- Job evaluation
- Key Performance Indicators (KPIs)
- Job Evaluation Systems
- Introduction to the Meirc System
- Introduction to the Hay System
- Understanding how to design salary structure
- The role of job evaluation and salary surveys
- Survey Methods
- What is compensation and benefits?
- The important of compensation and benefits
- Compensation and benefits administration
- Compensation and benefits framework
- Designing and Carrying Out Compensation Surveys
- Compensation Systems
- Objectives of Compensation
- Direct and Indirect Compensation
- Types of Compensation
- Equitable,
- Value Adding,
- Competitive and
- Motivating Compensation
- Developing grading and salary structures
- Integrating pay structures with other HR initiatives
- Defining a pay policy for employee compensation
- Matching pay structures to organizational objectives