Human Resource Compensation and Benefits Strategy Course

Introduction

In the face of a completely disrupted business landscape, changing employee expectations, and growing scrutiny on wage fairness, Compensation and Benefits strategies are under unprecedented pressure. Approaches that worked a few years ago will leave your organization vulnerable to a variety of risks.

Compensation and benefits are key components of any HR strategy, as they affect their ability to attract, retain, and motivate your talent. A compensation strategy details an organization’s approach to compensating its employees. It sets out how remuneration is determined and the types of compensation offered to employees, including base pay, additional pay, and non-financial benefits. A strong compensation strategy is required in order to attract and retain people who have the appropriate knowledge, skills, aptitudes, competencies and attitudes to get the job done.

Who Should Attend

This course is designed for Human Resource professionals working in the compensation and benefits discipline, HR staff who are responsible for the administration of benefits or reward, HR Business Partners and anyone involved in salary, pay and conditions of work.

Duration:

5 days

Course Objectives

By the end of this course the participants will be able to:

• Understand the importance of compensation and benefits and what they are
• Understand Reward philosophy and strategy
• Explore some of the issues surrounding the effective management of the human resource
• Evaluate ‘new’ practices that might benefit their organization
• Defend the case for non-financial rewards in attracting, retaining and motivating people
• Contribute more to the what and how of reward management
• Learn about benefits strategy should look like and contain
• Explain the basic principles and major elements of compensation
• Explain the critical economic, psychological, and motivational concepts that influence reward
• Apply the various processes in compensation: job analysis, job descriptions, and Job Evaluation.

Course Outline

Compensation and Benefits – Good Organizational Practice

• The Importance of Compensation and Benefits
• Business Contexts for Compensation and Benefits
• Philosophy of reward, pay structures and systems
• Reward Strategies
• Job Grades and Job Evaluation

Compensation and Benefits – in Context Motivation Models

• Performance management
• Competency frameworks
• Performance-related pay
• Money, motivation and team rewards
• Upward appraisal and 360 appraisals
• Contingent pay
• Bonuses and Incentives

Compensation and Benefits Strategy

• Understanding the Principles of Strategy
• Compensation and Benefits Strategies
• Reward Strategy as a Process
• Step-by-step Guide to Developing a Reward Strategy

Reward in Action

• The Administration of Compensation and Benefits
• Executive Compensation and Benefits
• Public-Sector and Private-sector Contrasts
• Salary and Pay Surveys

The International Perspective

• International Perspectives
• Multinational perspectives
• The labor market and Human Resource Planning

Equality and Diversity

• Recognition schemes
• Discrimination and diversity
• Equal pay
• Equal pay audits
• Job analysis

Employee Involvement

• Employee engagement
• Employee participation
• Trades Unions and Works Councils
• Consultation

Compensation Best Practices

• Developments in Compensation and Benefits
• Flexible Benefits
• National Minimum Wage
• Pensions
• Personal Action Planning

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: [email protected] Tel: +254 721 331 808

Certification

Participants will be issued with Upskill certificate upon completion of this course.