Compensation, Benefit Administration and Reward Management

When you hear the term compensation the first thing that comes to mind is “what a person is paid”. Although this is true, there’s much more to it. Compensation includes not only salary, but also the direct and indirect rewards and benefits the employee receives in return for their contribution to the organization. To determine compensation, organizations should develop a compensation and benefits program. A well-structured program with a good balance of wages, benefits and rewards will support an organization to remain competitive in today’s labor market and ensure sustainability in the future. Through the trainer’s expertise and practical knowledge, you will be able to define the key concepts associated with Compensation and Benefits and you will be able to:

• Understand the components of total rewards

• Implement Job analysis and write a job description

• Use a Qualitative and Quantitative methods in conducting a job evaluation & its contribution in developing an effective salary structure

• Analyze market pay survey data in comparison with benchmark jobs

• Conduct a simple regression analysis through using Excel to create a market pay line

• Create pay grades and pay ranges

• Implement the Pay Structure

• Ability to understand the types of individual incentive plans

• Understanding the various benefit plans