Course Details

Compensation and Benefits Management for HR Managers Training Course

INTRODUCTION

Compensation and benefits management is a crucial component of HR strategy, ensuring that organizations attract, retain, and motivate talent while maintaining cost efficiency and compliance with regulations. Compensation and Benefits Management for HR Managers Training Course equips HR managers with the knowledge and skills needed to design, implement, and manage competitive compensation and benefits programs that align with organizational objectives.

Participants will explore core concepts such as job evaluation, salary structures, performance-based pay, employee benefits programs, and total rewards strategies. The course also delves into global best practices, compliance with labor laws, and emerging trends like flexible benefits and pay transparency. With a blend of theory, practical exercises, and case studies, this course ensures that HR managers are prepared to handle the complexities of modern compensation and benefits management.

 DURATION

5 days

TARGET AUDIENCE

This course is ideal for:

• HR Managers overseeing compensation and benefits programs.
• Compensation and Benefits Specialists looking to deepen their expertise.
• HR Business Partners involved in workforce planning and rewards strategies.
• Talent Acquisition Professionals integrating compensation into hiring practices.
• Payroll Managers coordinating pay and benefits administration.
• HR Generalists seeking to enhance their understanding of compensation and benefits.
• Organizational Development Professionals focused on employee engagement.
• HR Consultants advising clients on reward strategies.

COURSE OBJECTIVES

By the end of the course, participants will:

• Understand the principles and components of compensation and benefits management.
• Design salary structures and frameworks that support organizational goals.
• Develop job evaluation methods to determine fair and competitive pay.
• Explore employee benefits programs that enhance engagement and retention.
• Learn about total rewards strategies and their impact on workforce motivation.
• Ensure compliance with labor laws and regulations governing compensation.
• Utilize benchmarking and market analysis to maintain competitive pay structures.
• Analyze and address issues related to pay equity and transparency.
• Incorporate performance-based rewards and incentives into compensation plans.
• Stay informed about emerging trends such as flexible benefits and digital solutions.

COURSE CONTENT

Module 1: Fundamentals of Compensation and Benefits Management

• Key concepts and objectives of compensation and benefits.
• The role of HR in designing and managing rewards programs.
• Strategic alignment of compensation with organizational goals.
• Understanding direct and indirect compensation.

Module 2: Job Evaluation and Pay Structures

• Job evaluation techniques: ranking, classification, and point systems.
• Creating salary structures and pay grades.
• Internal equity vs. external competitiveness in pay.
• Using market surveys and benchmarking for compensation design.

Module 3: Employee Benefits Programs

• Overview of employee benefits: health, retirement, and wellness programs.
• Designing cost-effective and competitive benefits packages.
• Understanding statutory vs. voluntary benefits.
• Flexible benefits plans and cafeteria-style benefits.

Module 4: Total Rewards Strategies

• What is a total rewards strategy?
• Components of total rewards: compensation, benefits, recognition, and development.
• Linking total rewards to employee engagement and retention.
• Communicating total rewards to employees.

Module 5: Performance-Based Pay and Incentive Plans

• Types of performance-based rewards: bonuses, commissions, and profit-sharing.
• Linking pay to performance metrics and KPIs.
• Designing short-term and long-term incentive plans.
• Managing pay-for-performance challenges.

Module 6: Pay Equity and Transparency

• Importance of pay equity in the workplace.
• Addressing gender and diversity pay gaps.
• Legal considerations for pay transparency.
• Building trust through transparent compensation practices.

Module 7: Compliance and Regulatory Considerations

• Overview of labor laws related to compensation and benefits.
• Ensuring compliance with minimum wage, overtime, and tax regulations.
• Handling audits and legal challenges in compensation management.
• Managing international compensation and expatriate packages.

Module 8: Emerging Trends in Compensation and Benefits

• Digital transformation in compensation management.
• Use of AI and data analytics for rewards planning.
• Flexible pay and gig economy compensation strategies.
• Wellness programs as part of benefits packages.

Module 9: Communication and Administration of Compensation Plans

• Best practices for communicating compensation programs to employees.
• Ensuring transparency and clarity in benefits offerings.
• Managing payroll and benefits administration.
• Technology solutions for compensation and benefits management.

CERTIFICATION

• Upon successful completion of this training, participants will be issued with Macskills Training and Development Institute Certificate

TRAINING VENUE

• Training will be held at Macskills Training Centre. We also tailor make the training upon request at different locations across the world.

AIRPORT PICK UP AND ACCOMMODATION

• Airport pick up and accommodation is arranged upon request

TERMS OF PAYMENT

• Payment should be made to Macskills Development Institute bank account before the start of the training and receipts sent to info@macskillsdevelopment.com