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Compensation and Benefits Management


Program Place: Dubai

Program Date: 11.11.2024

Price: $4900

Course Details


Introduction

A well designed compensation & benefits plan will benefit your organisation by the Job satisfaction as your employees would be happy with their jobs and would love to work for you if they get fair rewards in exchange of their services. they would associate themselves with firms which offer greater chances of promotion, learning and development.

 

Successful Compensation and benefits managers analyze data to determine the best pay and benefits plans for an organization. They may also monitor trends affecting pay and benefits and assess ways for their organization to improve practices or policies. 

 

This course looks at the basic building blocks of effective compensation and benefits administration and then goes on to explore the strategic dimensions - how the whole process can add real value for money and help the organisation achieve its strategic objectives. In all organisations, 

 

The course  will enable you to design compensation & benefits policies that motivate your employees while keeping their focus on the company’s strategic objectives..

Objectives

By the end of Compensation and Benefits Management Course you 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 marketion
    Develop a clear understanding of reward philosophy and strategy
    Demonstrate how the component parts of reward strategy fit together
    Explore issues surrounding the effective management of the human resource
    Describe why staff are the most expensive resource of the organisation
    Evaluate new practices that might benefit their organization
    Preparing a salary structure and other related policies
    Understand the basic compensation survey process.

Who Should Attend ?

This Compensation and Benefits Management Course is ideal for :

 

    Payroll Specialists, Payroll Leaders and Managers, Recruitment and HR personnel, Independent HR experts, Independent Recruiters and consultants
    HR staff who are responsible for the administration of benefits and reward
    Compensation and Benefits specialists who are new to the area or are looking for a refresher course
    More senior HR Staff who are interested in the strategic value of compensation and benefits
    Line Managers and Senior Staff who are responsible for managing and motivating Staff – and need a better understanding of the impact of remuneration
    Others who wish to understand about this important subject.

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Course Outline


5 days course


Day 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
    Philosophy of reward
    Pay structures and systems
    Reward strategies and the psychological contract
    Job grades and Career mapping
    Job evaluation
    Pay surveys

Day 2

Compensation and Benefits - in Context
 

    Motivation models, money and motivation
    Performance management and performance related pay
    Competency frameworks
    Team rewards
    Upward and 360 appraisals
    Contingent pay.

Day 3

Compensation Structure
 

    Understanding the different components of compensation policies
    Understanding the components on which the pay levels get affected
    How much should we pay for competence?
    Understanding the basic pay scale
    The grading scale and progression and spread

 
The International Perspective
 

    International and multinational perspectives
    The labour market and Human Resource planning
    Equality and diversity
    Job analysis
    Dynamic organisations and change management strategies
    The changing context and nature of the employment relationship.

Day 4

The methodology of Allowances and Benefits
 

    Understanding the purpose of allowance
    The different kinds of work allowance
    Nature and non-nature of work allowance
    Understanding the importance of benefits
    Different categories of benefits

 
Employee Involvement
 

    Employee engagement
    Employee participation
    Trades Unions and Employee Representatives
    Consultation
    Involvement in and support of change
    Practical activities.

Day 5

Benefits and Compensation Surveys
 

    Understanding the regional practises and effective management of benefits program and long – term benefits plan
    Role of compensation surveys
    Training on preparation of a compensation survey reports
    Training on carrying out compensation surveys
    Review of the course and “Question and Answer session”

 
Current Good Practice
 

    Flexible benefits
    National minimum wage
    Commissions and sales staff
    Profit sharing
    Case study
    Action planning.