INTRODUCTION:
A compliment or word of encouragement is always welcome, but monetary reward is what drives people to get out of bed and go to work each day. It is especially crucial to have the confidence that your efforts have been valued. Also, it is the duty of the compensation and benefits management to guarantee that each employee is paid fairly.
Any organization must prioritize compensation management. The team is responsible for ensuring that the salary and benefits offered to the employees are fair, competitive, and acceptable. The benefits included in the package, both monetary and non-monetary, must align with how the employees feel about receiving just compensation.
While perks like a coffee vending machine, a free Friday lunch, pick-up and drop-off service, and a crèche for new moms returning to work were once necessary, the constantly evolving workplace environment necessitates that the benefits be reviewed based on the current situation (Infrastructure support to employees during work from home, when Covid-19 struck, across the globe changing the dynamics of where employees work from)
Course Objectives:
By the end of the compensation and benefits management training Course for HR/ other Managers, the participants of this course will be able to:
- Define 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
- Develop skills to effectively design employee package to achieve win-win for both employer and the employees
- 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
Organizational Benefits:
Organizational 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
- Learn to strategize how to pay and motivate the employees for a competitive advantage
- 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
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.)
- Learn the quantitative tools to design an apt compensation plan
- 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
Who Should Attend?
Payroll Specialists, Payroll Leaders and Managers, Recruitment and HR personnel, Independent HR experts, Independent Recruiters and consultants
Course Outline
Below is the course outline and the modules that would be covered during the Compensation and benefits management Training Course:
Module 1: 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 2: Components of Compensation
- Basic salary
- Allowances (dearness allowance, house rent, transport, etc)
- Incentives and bonuses
- Benefits/Perquisites
- Customisable, ready to use templates
Module 3: 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 4: 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 5: Evaluating Compensation
- Performance-based
- Skills and experience of the candidate
- Competency-based compensation
- Last or current salary
- Job description, tenure, qualification
- Paying full-time Vs. contract employees
Module 6: Computable Tools of Compensation
- Payroll management system
- Determining incentives and benefits
- Budget management
- Hikes and promotions
- Direct Compensation (Salary and rewards)
- Indirect compensation (Recognition, Career development)
Module 7: Market Benchmarking
- Identifying the pay policies
- Assessing the market quantitative and qualitatively
- Comparing Jobs in the market
- Assess the pay practices of competitors
Module 8: Legal Regulations
- Income tax
- Various tax implication
- Prevailing wage law
- Service contract
Module 9: FAQ’s
- Group discussion, learn what the best in class organisations do differently, ask questions to industry experts with decades of experience
Method of Instruction
Online
Course Duration:
10 days
Type of Certificate Issued:
On a successful completion of this training, Participants will be issued
Certificate in Compensation and Benefits Management Training Course
Participants can choose to have their certificate in any of the three options below:
- Digital Certificate (Downloadable (PDF)
- Physical Certificate with security marking shipped to your location with a price
- Framed Certificate with security markings shipped to your location with a price.
REGISTRATION: