COMPENSATION & REWARD MANAGEMENT – THE PRACTICAL APPROACH

MODULES:

DAY 1: FOUNDATIONS OF COMPENSATION AND REWARD MANAGEMENT

Strategic Compensation

• Evolution of Compensation Management
  • Historical perspective
  • Shift to strategic compensation approach
• Compensation Philosophy Development
  • Alignment with organizational goals
  • Competitive positioning strategies
• Key Compensation Components
  • Fixed compensation
  • Variable pay
  • Total rewards concept
• Interactive Exercise: Developing Compensation Philosophy

 

Job Evaluation and Salary Structures

Job Evaluation Methodologies

• • Job analysis techniques
  • Job grading and ranking
  • Point-factor method
• Salary Structure Design
  • Pay bands
  • Salary ranges
  • Internal equity considerations
• Market Pricing Techniques
• Practical Session: Job Evaluation and Salary Structuring

 

Compensation Benchmarking and Market Analysis

• Market Compensation Research
  • Salary surveys
  • Compensation databases
  • Industry-specific benchmarks
• Competitive Positioning Strategies
• Compensation Competitiveness Analysis
• Compensation Strategy Development

 

DAY 2: COMPREHENSIVE REWARD MANAGEMENT AND IMPLEMENTATION

 

Total Rewards and Performance Linkage

• Total Rewards Framework
  • Monetary and non-monetary rewards
  • Intrinsic and extrinsic motivation

 

• Performance-Linked Compensation
  • Performance measurement techniques
  • Pay-for-performance principles
• Variable Pay Structures
  • Bonuses
  • Incentive plans
  • Commission structures

 

Advanced Compensation Strategies

 

Compensation for Different Employee Segments

• • Executive compensation
  • Sales compensation
  • Knowledge worker rewards
• Benefits Design
  • Health insurance
  • Retirement plans
  • Wellness programs
• Employee Recognition Strategies
• Performance Compensation Modeling

 

Legal Compliance and Future Trends

 

Compensation Legislation

• • Equal Pay Regulations
  • Minimum Wage Compliance
  • Tax Implications
• Emerging Trends in Compensation
  • Technology integration
  • Artificial Intelligence
  • Personalized reward systems
• Change Management in Compensation