Compensation Planning to support effective people alignment focuses on equipping individuals with the knowledge and skills to develop and implement compensation strategies that align with organizational goals and support the attraction, motivation, and retention of talented employees.
In this course, participants learn about the principles and best practices of compensation planning, including the design, implementation, and evaluation of compensation programs. They gain an understanding of the various components of compensation, such as base pay, incentives, bonuses, benefits, and recognition, and how these elements can be leveraged to support effective people alignment.
What you will learn
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Introduction to Compensation Planning: Participants gain an overview of compensation management and its role in supporting people alignment within organizations. They explore the strategic importance of compensation in attracting, motivating, and retaining talented employees.
Job Analysis and Job Evaluation: Participants learn about job analysis techniques and job evaluation methods to determine the relative value and worth of different positions within the organization. They understand how job evaluation influences compensation decisions and ensures internal equity.
Salary Structures and Pay Grades: Participants learn how to design and implement salary structures and pay grades that establish a framework for assigning compensation levels to different jobs. They explore methodologies for grouping jobs into pay grades based on factors such as job complexity, skills, and market value.
Compensation Surveys and Market Analysis: Participants learn how to conduct compensation surveys and market analysis to gather data on prevailing compensation practices and trends in the industry and local labor market. They understand the importance of benchmarking compensation against market rates to ensure competitiveness.
Incentive and Bonus Programs: Participants explore the design and implementation of incentive and bonus programs to reward and motivate high-performing employees. They learn about different types of incentive plans, such as performance-based incentives, profit-sharing, and stock options, and how to align these programs with organizational goals.
Benefits and Perquisites: Participants gain an understanding of the role of benefits and perquisites in compensation planning. They explore various employee benefits, such as health insurance, retirement plans, vacation policies, and flexible work arrangements, and how these components contribute to overall compensation packages.
Legal and Ethical Considerations: Participants learn about the legal and ethical considerations in compensation planning, including compliance with labor laws, equal pay regulations, and non-discrimination policies. They understand the importance of transparency, fairness, and equity in compensation practices.
Communication and Employee Engagement: Participants explore strategies for effectively communicating compensation plans and changes to employees. They learn how to engage employees in understanding and valuing their compensation packages and how to address employee concerns or questions regarding compensation.
