Compensation
Course Description
This course prepares the student in basic compensation design and decision-making required for planning, developing, and administering compensation programs that are compliant with government laws and regulations.
Topics and Objectives
The Compensation Environment
- Relate organizational philosophy to compensation and pay strategy.
- Analyze the impact of compensation decisions on external and internal stakeholders.
- Explain the role compensation plays in the achievement of organizational goals.
- Explain various laws and regulations applicable to compensation.
Internal Equity and External Competition
- Identify the components of total compensation packages available to a variety of employee classes.
- Assess the implications of internal equity and external competition in pay structure.
- Write a job description utilizing job analysis.
- Explain the relationship between an organization's compensation system and its ability to compete externally.
Performance Management and Compensation
- Analyze performance evaluation systems in terms of their effectiveness in evaluating job performance.
- Evaluate the impact of motivational theories on the design of performance management plans.
- Explain the relationship between performance management and compensation.
- Design a non-monetary incentive program.
Compensation Administration
- Illustrate the wage and salary administration process.
- Explain how compensation is administered jointly by human resources and managers.
Compensation Special Topics
- Analyze special considerations in global pay systems.
- Identify trends in total compensation.