HRSINGAPORE® Compensation and Benefits Management - Course Details
 
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Compensation and Benefits Management

Objectives

At the end of this two-day workshop, participants will be able to:

  • Understand the total rewards philosophy and policy framework


  • Align the reward strategy with company's business strategy


  • Identify the components in the rewards system such as direct, indirect & non-financial compensation, etc.


  • Learn survey management techniques that meets the organization’s needs


  • Understand market pay practices & limited or ambiguous market data


  • Acquire basic skills in developing job levels and pay structures


  • Define rewards tools or strategies that link pay to performance within given budgets


  • Benefits, a key element in the total rewards equation


    • Outline

    1. Linking the rewards system to business strategy

  • Total rewards objectives, elements and model


  • Aligning rewards strategies to business strategy


    • 2. Determining competitive pay practices while insuring internal equity

  • Job leveling

  • Survey Management

  • Market pricing

  • Salary structuring

  • Interpreting and using market data to partner effectively


    • 3. Variable pay plans


    4. Performance Management system


    5. Linking the Performance Management system to total rewards strategies

  • Managing the annual salary planning budget

  • Optimizing pay-for-performance tools: merit, bonus, stock awards


    • 6. Benefits, a key element in the total rewards equation


    Methodology

    Applicable industry examples, group discussions and sharing, exercises, role play and case study. The workshop will also incorporate relevant industry literature/extracts as published by 3rd parties for relevant group discussions.


    Who Should Attend

    HR Business Partners, Finance Managers, Administrators, Payroll/Accounts Executives, People Managers and anyone interested or has responsibilities in the area of Compensation & Benefits.


    Benefits of Attending This Course

    Upon completion, participants will learn and share experiences on the importance of the need to maintain strong principles in Compensation Management and the impact of internal and external influences that could shift your ideal state. The question is “how much is too much”?


    What questions this training program provide answers to:

    1. What are the C&B components and what does each component aim to drive?

    2. How can I use survey information more effectively to support the business needs?

    3. What kind of variable pay plans are out there?

    4. How do I manage benefits programs if I don’t have a Job Grade system in my organization?

    5. What are the things to look out for in Benefits Review?

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    Compensation and Benefits Management

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