Introduction
Compensation Course Highlights : You want your employees to keep working enthusiastically while remaining focused on your organisation’s strategic objectives? But you are not sure of the best approach to remuneration? Compensation & benefits, or tangible reward, play an important role within the wider spectrum of remuneration.
Compensation and benefits is an emotive area, not only for the organizations but also for the employees. Establishing and managing a reward structure is one of the critical cornerstones of the human resource department. It is extremely important to design the right reward package that supports the business goals.
This program helps the HR professionals understand the importance of compensation and benefits in such a way that they are able to understand the intricacies, basic reward system, the global trends in compensation and benefits and are able to link pay with performance for better planning. By the end of this workshop participants will be able to source well structured and reasonable compensation and benefits schemes that operate effectively, provide the best value to the organization and structure remuneration schemes.
Benefits to the participants:
- Develop strategically-inspired reward techniques and implement them in your company
- Become familiar with practical concepts and tools to apply in remuneration schemes
- Understand direct financial rewarding and employee benefits, as well as strategic embedding within the context of the organisation
- Gain a detailed insight into the latest concepts in compensation & benefits
Course Content
Compensation and Rewards
- Development of Compensation plan
- How is the Compensation planning tied and aligned to the performance planning.
- Salary/ compensation structure.
- Rewards and benefits plans
- Competitive analysis for rewards and benefits.
- Identification of compensation requirement.
- How are they categorized into financial, benefits and policy based.
- Budgetary Allocation done for rewards.
- Administration of rewards.
Benefits
- Plan & Deliver employee benefits programs
- Benefits enrolment and administration.
- How are Claims managed for benefits.
- Reconciliation for employee benefits .
Retention
- How are programs identified to manage work life balance.
- Development of employees Family support systems.
- Identify and monitor retention indicators
- How are compensation plans reviewed to enable retention.
panel_start Target Audience panel_end
Heads, Leaders, Managers, Specialists, Generalist in Talent Management and Rewards areas of HR across Sectors
Princeton Academy resources https://princetonacademy.in/resources/
Govt. of India Rules on Salaries & Wages https://labour.gov.in/wagess