This course course covers wage and salary administration in private and public organizations; total compensation systems; interrelationship among employee performance, intrinsic and extrinsic rewards, perceived equitable payments, and employee satisfaction; employee benefits; employee incentive programs.
The course exxplains the components of wages, the objectives of compensation,principles of compensation formulation taking into account the determinants of wage rates, the theories and principle of compensation determination,illustrating different types of wages such as minimum rate of wages, need-based minimum wage, living wage and fair wage, the behavioral and ethical issues faced in an organisation, the procedure and practices involved in wage determination, the compensation decisions involved in management such as job analysis, description, identifying job factors, job evaluation and pay determination and the procedure of compensation benchmarking compensation, involving planning, analysis, integration and action phase.
After completion of this course participants should be able to :
Recognize how pay decisions help the organization achieve a competitive advantage.
Analyze, integrate, and apply the knowledge to solve compensation related problems in organizations.
Undersatnd and apply the concept of total reward and its building blocks
Demonstrate comprehension by constructing a compensation system encompassing, internal consistency, external competitiveness, employee contributions, organizational benefit systems, and administration issues.
Who should to attend
HR and Reward Practitioners
Managers and Team Leads who typically act as champions and role models & mentors for their team members
Finance functions that liaise with HR costing & funding for rewards