Syllabus

Foundations of Compensation Management

Core Concepts

  1. Overview of compensation management
  2. Importance of compensation in organizations
  3. The role of compensation in attracting, retaining, and motivating employees
  4. Types of compensation

Theoretical and Contextual Framework

  1. Conceptual framework of compensation management
  2. Theories of wages
  3. Institutional and cultural factors influencing compensation practices
  4. National differences in compensation

Designing Strategic Compensation Systems

Strategic Planning

  1. Compensation philosophies and approaches
  2. Strategic compensation planning for competitive advantage

System and Structure Design

  1. Case Study
  2. Job evaluation systems and compensation structure
  3. Wage and salary surveys, wage curve, pay grades, rate ranges, salary matrix, and fixing pay

Performance Pay and Employee Benefits

Variable and Incentive Pay

  1. Strategic reasons for incentive plans
  2. Administering incentive plans
  3. Individual, group, and team compensation
  4. Employee Stock Ownership Plans (ESOPs)
  5. Performance measurement issues, incentive application, and globalization

Designing Benefit Packages

  1. Nature and types of employee benefits
  2. Security benefits, retirement security benefits, healthcare benefits, time-off benefits, benefits administration
  3. Employee benefits required by law
  4. Discretionary major employee benefits
  5. Employee services
  6. Designing a benefits package