Total Rewards Master Class

MODULES:

 

Day 1: Foundations and Strategic Alignment

 

Understanding Total Rewards

• Definition and components of Total Rewards: compensation, benefits, recognition, career development, and work-life balance.
• The role of Total Rewards in employee engagement and retention.
• Case study: How organizations have used Total Rewards to achieve competitive advantage.

 Aligning Total Rewards with Business Strategy

• Linking Total Rewards with organizational goals and culture.
• Conducting workforce needs assessments.
• Mapping Total Rewards components to organizational objectives.

 

Market Trends and Benchmarking

• Understanding market positioning for compensation and benefits.
• Tools for benchmarking Total Rewards programs.
• Analyzing sample benchmarking data.

Legal and Compliance Considerations

• Key legal frameworks affecting Total Rewards (e.g., labor laws, tax regulations).
• New minimum wage and New Tax reforms in Nigeria (its implications)
• Managing risks and ensuring compliance.

 

Day 2: Implementation and Optimization

 

Designing a Compensation Strategy

• Structuring pay scales and salary bands.
• Understanding variable pay (incentives, bonuses).
• Practical exercise: Drafting a basic compensation structure.

 

Innovative Benefits Programs

• Emerging trends in employee benefits (e.g., wellness programs, flexible work arrangements).
• Customizing benefits to meet diverse workforce needs.
• Case study: Examples of innovative benefits from leading organizations.

Recognition and Performance Management

• Linking recognition to performance.
• Strategies for fostering a culture of recognition.
• Activity: Designing a recognition program for a hypothetical organization.

Evaluating and Communicating Total Rewards

• Key metrics for measuring Total Rewards effectiveness.
• Techniques for communicating Total Rewards programs to employees.
• Developing Total Rewards branding.