Compensation and Benefits Management

Compensation and Benefits Management

Monday 23 Dec 2019

  • Duration: One Week
  • City: Madrid
  • Fees: 3900 GBP

Introduction

This course is designed for:

– Professionals and experts working in the function who wish to acquire related knowledge and skills,
– and those working in other areas of Human Resources who wish to broaden their comprehension of this important function.

Objectives

– Understanding the basic concepts and major elements of compensation.
– Apply the several processes in compensation: job analysis, job descriptions and Job Evaluation.
– Determine and explain what constitutes a sound and effective compensation and benefits program.
– Build a salary structure and related policies.
– Describe the basic compensation survey process.

Course Outline

Day 1

An Overview of Managing Compensation

– Compensation Objectives, Components and Factors Affecting Compensation.
– Effective Compensation Management System.

Job Analysis and Job Descriptions

– The Need for Job Descriptions.
– Principal Approaches to Job Analysis.
– Handling the Job Analysis Process.
– The Main Components of a Job Description.
– Job Description Writing “Practical Application”.

Day 2

Job Evaluation

– Job Evaluation Definition.
– Job Evaluation Methods.
– The System Explained.
– The Hay System: An Overview.
– Job Evaluation Guidelines.
– Sources of Error.

Day 3

Compensation Systems

– Main Compensation Policies.
– Factors Affecting Pay Levels.
– Paying for Competence.
– Basic Salary Structures.
– Salary Structure Design.
– The Right Number of Grades.
– Spread and Progression.

Day 4

Allowances as Part of Total Pay

– Purpose of Allowances.
– Nature of Work Allowances.
– Non-Nature of Work Allowances.
– Regional Practices.

Understanding Benefits

– Definition and Purpose of Benefits.
– Categories of Benefits.
– Regional Practices.
– Managing an Effective Benefits Program.
– Main Features of a Long-Term Benefit Plan.

Day 5

Introduction to Compensation Surveys

– Purpose of Surveys.
– Designing and Carrying Out a Compensation Survey.
– Compensation Survey Reports.

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