About This Course:
No matter what area of human resources you work in, a general foundation and understanding of compensation is important to have as compensation supports and links to many other programs and functions in HR.
It is no secret that well-structured compensation plays an important role in attracting, retaining, and motivating top talent.
What You'll Learn:This training session will help you gain a complete understanding of the basics of compensation, including:
- What are the elements of a pay program and common compensation terms
- Compensation philosophy: what should be included
- The various types of direct compensation
- What pay considerations you need to be prepared to address
- The pay budget and what should be included
- How compensation is determined, including the why and how of Job Analysis and Job Documentation
- The types of Job Evaluations - and the advantages and disadvantages of each
- Key considerations in plan selection and implementation
- The process for market pricing and pay structure design
- Regulatory and legal issues in compensation
- Communicating and evaluating compensation programs as well as compensation resources and trends
- The Do and Do Not of Compensation
