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
