COURSE OBJECTIVES
By the end of this program, participants will be able to:
- Understand the fundamentals of compensation packages.
- Understand the fundamentals of salary structure.
- Develop competitive salary structures.
- Develop equitable salary structures.
- Implement effective compensation strategies to attract talent.
- Implement effective compensation strategies to retain talent.
- Analyse and adjust compensation packages based on market trends and align them with organisational goals.
TARGET AUDIENCE
- HR Managers.
- Compensation and Benefits Specialists.
- HR Consultants.
- Payroll Managers.
- Organisational Development Professionals.
- Talent Acquisition Specialists.
- Employee Relations Managers.
DAY 1: Basics of Compensation Packages
- Introduction to compensation and benefits.
- Elements of an all-inclusive compensation package.
- Legal and regulatory factors in compensation.
- Comprehending the employee value proposition.
- Developing a compensation strategy.
DAY 2: Creating Salary Structures
- Key principles of salary structure creation.
- Methods for job evaluation.
- Pay grades and ranges.
- Market pricing and benchmarking practices.
- Implementing salary structures.
DAY 3: Compensation Strategies and Practices
- Formulating competitive compensation strategies.
- Systems for performance-based pay.
- Plans for incentives and bonuses.
- Equity compensation and long-term incentives.
- Balancing internal equity with external competitiveness.
DAY 4: Market Analysis and Salary Adjustments
- Executing compensation surveys.
- Evaluating market data and compensation trends.
- Modifying salary structures based on market analysis.
- Tackling pay compression and salary inversion issues.
- Communicating adjustments in compensation.
DAY 5: Aligning Compensation with Organizational Objectives
- Connecting compensation to business strategies.
- Assessing the impact of compensation on performance.
- Governance and oversight in compensation.
- Managing compensation during organizational transitions.
- Recommended practices in compensation management.