Today employee costs are rising and managing these costs in an optimal manner is critical for organizational success. The organizations need to maintain a balance between the salary hike and profitability and productivity.
Compensation and benefits is an emotive area, not only for the organizations but also for the employees.
Establishing and managing a reward structure is one of the critical cornerstones of the human resource department. It is extremely important to design the right reward package that supports the business goals.
By the end of the program you will learn:
- Understand the role of government regulation & social security in compensation globally.
- Understand how globalization, sociological and demographic changes & effects compensation.
- Understand the 6 components of a compensation system.
- Understand the 8 steps of how to build effective variable pay systems.
- Learn how to build a point plan and a job grading system to create internal equity.
- Understand how to create different levels of salary benchmarks.
- Understand the Hay Plan.
- Understand mandated and cafeteria benefit systems & how reward planning can be used to cut compensation costs.
- Learn how to build high impact compensation systems.
Who should attend?