Strategic Management of Employee Compensation and Benefits

Course Fee:

₦270,000.00

Course Overview

Objective:
The course aims to provide participants with comprehensive knowledge and practical skills in managing employee compensation and benefits effectively within organizations. By the end of the course, participants will be equipped to design, implement, and evaluate compensation and benefits programs that align with organizational objectives and contribute to employee satisfaction and retention.
Course Content:
Introduction to Compensation and Benefits Management
• Understanding the role of compensation and benefits in organizational success
• Key principles and concepts in compensation and benefits management
Legal and Regulatory Framework
• Overview of labor laws and regulations related to compensation and benefits
• Compliance requirements and implications for compensation practices
Job Analysis and Evaluation
• Conducting job analysis to determine job roles, responsibilities, and requirements
• Methods for job evaluation and establishing equitable pay structures
Compensation Strategies and Structures
• Designing competitive compensation strategies to attract and retain talent
• Developing and implementing compensation structures, including salary ranges, incentives, and bonuses
Employee Benefits Programs
• Types of employee benefits: health insurance, retirement plans, leave policies, etc.
• Designing and managing employee benefits programs to meet diverse needs and preferences
Performance Management and Compensation
• Linking performance management systems with compensation and rewards
• Using performance metrics to assess individual and team contributions to compensation decisions
Payroll Administration and Budgeting
• Principles of payroll administration, including tax withholding, deductions, and reporting
• Budgeting and forecasting for compensation and benefits expenses
Employee Communication and Engagement
• Communicating compensation and benefits policies, programs, and changes to employees
• Strategies for engaging employees in understanding and maximizing their compensation and benefits
Compensation Benchmarking and Market Analysis
• Conducting benchmarking studies to compare compensation and benefits against industry standards
• Analyzing market trends and data to inform compensation decisions
Ethical Considerations in Compensation and Benefits
• Ethical issues and challenges in compensation and benefits management
• Promoting fairness, transparency, and equity in compensation practices
Evaluation and Continuous Improvement
• Methods for evaluating the effectiveness of compensation and benefits programs
• Strategies for continuous improvement and adaptation to changing organizational and market conditions
FOR WHOM:
Business Analysts, Supervisors, Managers, Directors, Human Resources Managers, Admin Managers, Head of Departments, Executive Management, and others who perform related functions in the Public & Private Sector.
Methodology
The training methodology integrates lectures, interactive discussions, collaborative group exercises, and illustrative examples. Participants will acquire a blend of theoretical insights and hands-on practical experience, emphasizing the application of learned techniques. This approach ensures that attendees return to their professional environments equipped with both the competence and self-assurance to effectively implement the acquired skills in their responsibilities.