1.     WHY CHOOSE THIS COURSE?

This exciting course looks at the basic building blocks of effective compensation and benefits administration and then goes on to explore the strategic dimensions – how the whole process can add real ‘value for money’ and help the organisation achieve its strategic objectives. In all organisations it is important that the administration and management of compensation and benefits is of the highest quality.

A pat on the back, word of appreciation is always good, however, the motivation for a person to get up and come to the business every day is the Monetary compensation. The assurance that the hard work is been paid for is particularly important. And it is the responsibility of the compensation and benefits management to ensure every employee is been rightly compensated.

Compensation management plays a vital role in any organisation. The team must ensure the salaries and the benefits provided to the employees are appropriate, competitive and just. The monetary and non-monetary perks incorporated in the package must resonate with employees’ perception of fair pay.

While coffee vending machine, free lunch on Friday, pick and drop facility, a creche for new mothers returning to work was relevant at some point of time, the everchanging environment demands that the perks are revisited basis the need of the hour (Infrastructure support to employees during work from home, when Covid-19 struck, across the globe changing the dynamics of where employees work from)

2.     THIS COURSE WILL FEATURE:

• An analysis of the current strategic issues facing organisations today
• The strategic impact of pay and motivation
• How organisations can encourage participation & engagement, achieve organisational objectives & profitability
• How to design compensation to cope with change in both societal & organisational context
• A toolkit of useful practices that will allow participants to scrutinize existing practices

3.     COURSE  OBJECTIVES

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

• Explain what is Compensation and benefits?
• Explain the importance of Compensation and benefits to attract and retain the right talent
• Understand the components of Compensation and benefits management
• Strike the right balance between fixed and variable pay for each role/ job
• Compensate fairly for the level of experience, technical expertise, competencies that individuals bring to the table
• Successfully manage to retain the best talent in the competitive market
• Reward desired behaviour for present and future occurrence
• Assess and restrain any discrimination basis gender, diversity, region, and religion
• Effectively plan and flex benefits like dearness allowance, etc., considering the location and other factors
• Devise packages in complying with legal regulations
• Keep surplus/ anticipate the exigencies that might occur or any contingencies
• Develop a clear understanding of reward philosophy and strategy
• Demonstrate how the component parts of reward strategy fit together
• Explore issues surrounding the effective management of the human resource
• Describe why staff are the most expensive resource of the organisation
• Evaluate new practices that might benefit their organization

4.     TARGETED PARTICIPANTS

This course will prove to be valuable and productive for all those who are interested in pay and reward, compensation and benefits. Participants of all levels will gain valuable knowledge and skills.

This course is suitable to a wide range of professionals but will greatly benefit:

• HR staff who are responsible for the administration of benefits and reward
• Compensation and Benefits specialists who are new to the area or are looking for a refresher course
• More senior HR Staff who are interested in the strategic value of compensation and benefits
• Line Managers and Senior Staff who are responsible for managing and motivating Staff – and need a better understanding of the impact of remuneration
• Others who wish to understand about this important subject

5.     TRAINING BENEFITS

5.1           Organisational Benefits:

Organisational Benefits of employees who participate in Compensation and benefits management Training Course will be as below:

• Effective compensation and benefits management would set a benchmark in the industry
• The organisation would have increased productivity with happy employees
• Reduced employee turnover, leading to reduced costs
• The organisation would have a highly qualified and experienced candidate, best from the industry
• Just and fair compensation stimulates organisational productivity and growth
• Have clarity of strategizing and planning rewards and recognition that attract the right talent
• Would effectively manage the finances
• Would be able to encourage employee participation to achieve organisational goals, instilling proactiveness through fair pay
• Would be able to study and execute packages aligned with regulating bodies/ authorities
• Breed employee loyalty and commitment with compensation plans that earn unwavering faith insecurity of future

5.2           Personal Benefits

Participants who enrol in this Compensation and benefits management Training Program will benefit in the following ways:

• Learn the basics and key concepts of compensation
• Learn components of compensation and benefits that best in class organisations provide for employee loyalty
• Illustrate ways to strengthen the pay-for-performance plan
• Learn and incorporate the regulatory benefits for employees
• Learn to strategize compensation that benefits both employer and employee
• Effectively make contingency plans, leaving no room for havoc and panic
• Learn to effectively design all types of compensation plans (Performance-based, experience-based, sales – Flexi and variable, etc.)
• Analyse, identify and evaluate the job and determine the pay structure that exceeds employee expectation of remuneration
• Learn to plan, analyse, integrate the process of compensation benchmarking by researching the best organisations and industries
• Would learn the components of employee rewards and non -monetary yet significant elements of compensation in an organisation

6       TRAINING METHODOLOGY

This course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This includes a variety of learning methods, including mini-lectures, extended case studies and self questionnaires.

There will also be small group work, class discussion and multimedia training aids. There will also be video clips and up to date news items.

7       COURSE OUTLINE

Module One:  Introduction to Compensation and Benefits Management

• What is Compensation and benefits management?
• Benefits of Compensation and benefits
• Basic principles of Compensation and benefits management
• Difference between compensation and benefits
• Designing the compensation and benefits plan

Module Two: Compensation and Benefits – Good Organizational Practice

• Philosophy of reward
• Pay structures and systems
• Reward strategies and the psychological contract
• Job grades and Career mapping
• Job evaluation
• Pay surveys

Module Three: Components of Benefits

• Retirement contribution plans
• Outings and vacations
• Sharing profits – shares, RSUs etc.- depends on the company
• Relocating bonuses
• Special day offs
• Healthcare benefits
• Travel and meal reimbursement
• Maternity and sick leave
• Other facilities

Module Four: Compensation and Benefits – in Context

• Motivation models, money and motivation
• Performance management and performance related pay
• Competency frameworks
• Team rewards
• Upward and 360 appraisals
• Contingent pay

Module  Five: The International Perspective

• International and multinational perspectives
• The labour market and Human Resource planning
• Equality and diversity
• Job analysis
• Dynamic organisations and change management strategies
• The changing context and nature of the employment relationship

Module Six: Employee Involvement

• Employee engagement
• Employee participation
• Trades Unions and Employee Representatives
• Consultation
• Involvement in and support of change
• Practical activities

Module Five: Current Good Practice

• Flexible benefits
• National minimum wage
• Commissions and sales staff
• Profit sharing
• Case study
• Action planning

Module Seven: Calculating Compensation

• Evaluating the current market
• Assessing the possibility of growth
• Setting a compensation benchmark
• Revisiting and revising packages to match the market standards – to become and remain the employer of choice
• Basic considerations
• Compensation Ratio

Module Eight: Computable Tools of Compensation

• payroll system
• Determining incentives and benefits
• Budget management
• Hikes and promotions
• Direct Compensation (Salary and rewards)
• Indirect compensation (Recognition, Career development)
• Assess the pay practices of competitors

Module Nine: Legal Regulations

• Income tax
• Various tax implication
• Prevailing wage law
• Service contract

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Email:info@aicdtraining.com