About this Course
What does it take to hire and retain top talent? A competitive and well-designed compensation strategy will always be a key part of answering this question. There are many elements that go into an effective compensation approach, sometimes referred to as a total reward system.
In this course, we’ll examine the processes and elements behind excellent pay programs, benefits packages and total rewards strategies, and how these connect with business results. You’ll delve into the concept of total rewards and its different components, and learn how to assess your organization’s current compensation strategy. We’ll explore different elements of compensation, including salary structures, variable pay, bonuses, sales incentive plans, benefits, executive compensation, merit increases and long-term incentives.
What You’ll Learn
- Techniques for writing job descriptions and identifying any relevant regulatory constraints
- How to create salary structures and understand compensation statistical measurements
- The relationship between performance and merit, and how to create a performance merit matrix
- Various approaches to incentive plan design, sales compensation, bonus plans, recognition plans and executive compensation
- The difference between mandatory and non-mandatory benefits
Get Hands-On Experience
You’ll complete a small-group project to investigate a real company’s compensation strategy and make specific recommendations for improvement.