Total Rewards Management System
Overview
Total Rewards course is an interactive training program designed to provide participants with the opportunity to review and evaluate their company’s compensation and benefits scheme in order to build a professional total rewards system balancing internal equity together with external competitiveness.
Outline
Module 1: Salary Survey
- 4 forms of equity and how to address each
- Aim of conducting salary survey
- Formal and informal surveys
- Quartiles and percentiles
- What else should be surveyed?
Module 2: Job Evaluation
- Identifying Compensable factors
- Determining the relative worth of jobs
- Different job evaluation systems
- Job Ranking
- Job Classification
- Factor Comparison
- Point Method
- Pros and cons of each method, and when to use each one ?
Module 3: Job Grading
- Grouping similar jobs into pay grades
- Job families
- Grading methodologies
- Broad banding
Module 4: Pricing Pay Grades
- Plotting the wage curve
- Market pricing of jobs
- Establishing a strategic pay plan
Module 5: Fine Tune Pay Rates
- Developing pay ranges
- The minimum starting
- The mid-point
- The maximum
- Correcting out-of-line rates
- Managing red and green circles
Module 6: Variable Pay Plans
- Pay for Performance and Financial Incentives
- Main incentives for individual employees
- Pay for group performance
- Organization-wide variable pay plans
- Motivation theories and incentive plans
Module 7: Benefits and Services
- Pay for time not worked
- Vacations and Holidays
- Sick leaves
- Maternity leave
- Insurance benefits
- Retirement benefits
- Services and family friendly benefits
- Cafeteria approach
Training Methodology
This course is a highly interactive training course, providing each participant the opportunity to exchange views and learn from other’s experiences. Moreover, it includes a range of case studies, group guided discussions, workshops and exercises.
Learning Objectives
Upon completion of this course, participants will be able to:
- Analyze a given salary survey
- Balance internal equity with external competitiveness
- Avoid and manage salary compression
- Establish a strategic pay plan
- Design a proper performance management system
- Propose a competitive benefits and services plan
- Improve employee job satisfaction, engagement and retention
Who could attend ?
- CEO’s.
- Top and Middle Managers who need to understand the company goals in motivating their staff.
- Human Resources Directors.
- HR Managers.
- HR Specialists Compensation and Benefits.
