Strategic Management of Compensation, Benefits, and Rewards

Objective:
The objective of this course is to provide participants with comprehensive knowledge and practical skills in effectively managing compensation, benefits, and rewards within an organization. By the end of the course, participants will be equipped to design and implement strategic compensation and reward systems that align with organizational goals and enhance employee satisfaction, retention, and performance.
Course Content:
Introduction to Compensation Management
• Understanding the role of compensation in organizational strategy
• Historical perspectives and trends in compensation management
• Legal and regulatory framework governing compensation practices
Job Analysis and Evaluation
• Conducting job analysis to determine job roles and responsibilities
• Methods of job evaluation: ranking, classification, point-factor, and market pricing
• Establishing internal equity and market competitiveness
Compensation Structures and Strategies
• Designing compensation structures: pay grades, salary ranges, and bands
• Incentive compensation: bonuses, commissions, profit-sharing, and stock options
• Executive compensation: principles, practices, and governance
Employee Benefits Administration
• Types of employee benefits: health insurance, retirement plans, leave policies, and wellness programs
• Legal and compliance aspects of benefit administration
• Managing costs and communicating benefits effectively to employees
Reward Management and Recognition Programs
• Understanding the psychology of motivation and rewards
• Designing and implementing reward and recognition programs
• Measuring the effectiveness of reward programs and adjusting strategies accordingly
Performance Management and Pay-for-Performance
• Linking compensation to performance: merit-based pay, performance appraisals, and competency-based pay
• Goal-setting and performance measurement techniques
• Addressing performance issues and providing constructive feedback
Global Compensation and Expatriate Management
• Challenges and considerations in managing compensation globally
• Expatriate compensation: allowances, benefits, and tax implications
• Cross-cultural communication and negotiation in compensation management
Ethical and Legal Issues in Compensation Management
• Ethical considerations in setting compensation policies and practices
• Preventing discrimination and ensuring pay equity
• Handling grievances and disputes related to compensation
Emerging Trends in Compensation and Rewards
• Flexible and contingent work arrangements: gig economy, freelancing, and remote work
• Innovative compensation practices: pay transparency, skill-based pay, and total rewards approach
• Leveraging technology in compensation management: HRIS, analytics, and automation
Case Studies and Best Practices
• Analyzing real-world case studies to understand practical applications of compensation and reward management principles
• Examining industry best practices and benchmarking against leading organizations
FOR WHOM:
Human Resources Managers, Admin Managers, Senior Managers, Directors, Admin Officers and others who perform related functions.

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.

DATE:
1ST BATCH: 21st – 24th Jan,2025
2ND BATCH: 13th – 16th May,2025
3RD BATCH: 26th – 29th Aug,2025