Description

Course Overview:

Compensation and reward management is the part of human resources that works behind the scenes. In this course you will explore the different processes needed to develop a robust reward strategy through several case studies. You will determine which reward processes are most appropriate for your organisation and get a starting point to developing your own, taking into account your business and people priorities.

You will then get to work on the actual design of the main components of direct cash compensation, in base and variable pay. You will gain an insight into how to set your pay at the right level and link to appropriate performance measures to avoid risks of losing talent or overspending. The course provides a comprehensive guide to structuring and optimising your base and variable pay design for maximum ROI.

By the end of this course, you will:

> Develop a reward strategy, taking into account key business, organisational and HR issues

> Understand the impact of the options for various reward programmes

> Identify different job evaluation methodologies and decide when to apply them

> Evaluate different pay structures and pay progression methods and when it is appropriate to apply particular methods

> Be clear about employee motivation, engagement and the links with rewards

> Assess the relationship between pay and the wider performance management system

> Evaluate incentive schemes and the different approaches to individual and group incentive schemes