Advanced Techniques For Comp & Ben Management

Course overview

A compliment or word of encouragement is always welcome, but monetary reward is what drives people to get out of bed and go to work each day. It is especially crucial to have the confidence that your efforts have been valued. Additionally, it is the duty of the compensation and benefits management to guarantee that each employee is paid fairly.

Any organization must prioritize compensation management. The team is responsible for ensuring that the salary and benefits offered to the employees are fair, competitive, and acceptable. The benefits included in the package, both monetary and non-monetary, must align with how the employees feel about receiving just compensation.

While benefits like a coffee vending machine, a free Friday lunch, a pick-up and drop-off location, and a crèche for new mothers returning to work were once necessary, today’s dynamic work environment necessitates that these benefits be reviewed on a case-by-case basis. An example of this is infrastructure support for employees who work from home. When Covid-19 struck, this changed the dynamics of where employees work from.

By taking this Training Bee training course, you will gain the knowledge and skills necessary to create enticing benefits packages, retain the top personnel in the industry, and comprehend the components of pay and benefits management.

Introduction

A strategic necessity for firms seeking sustained growth and success in today’s competitive business environment is acquiring and keeping outstanding people. Effective compensation and benefit schemes that both recognize employees’ accomplishments and are in line with the organization’s overarching objectives are a crucial part of this process. This extensive training program is created to provide you the knowledge and abilities need to succeed as a compensation and benefits management specialist.

In this course, you will learn the intricate details of creating and implementing strategic pay plans that draw in the best talent, inspire workers, and boost productivity. You will also look at the additional ways that comprehensive benefit plans, aside from monetary compensation, support an engaged and content workforce.

We are The Training Bee, a global training and education firm providing services in many countries. We are specialized in capacity building and talent development solutions for individuals and organizations, with our highly customized programs and training sessions.

Learning Objectives

Upon completing Certification in Compensation and Benefits Management Training Course, participants will be able to:

What does “compensation” and “benefits” mean?
Describe how compensation and benefits are essential to luring and keeping the best employees.
Recognize the elements of the compensation and benefits management system.
For each career or job, strike the appropriate balance between fixed and variable compensation.
Pay individuals fairly for the degree of experience, technical know-how, and capabilities they bring to the table.
Develop the necessary abilities to create employee benefits that benefit both the employer and the employees.
Successfully keep the top people in the market’s competitive environment.
Reward desired behavior for occurrence in the now and in the future.

Our Unique Training Methodology

This interactive course comprises the following training methods:

Journaling – This consists of setting a timer and letting your thoughts flow, unedited and unscripted recording events, ideas, and thoughts over a while, related to the topic.
Social learning – Information and expertise exchanged amongst peers via computer-based technologies and interactive conversations including Blogging, instant messaging, and forums for debate in groups.
Project-based learning
Mind mapping and brainstorming – A session will be carried out between participants to uncover unique ideas, thoughts, and opinions having a quality discussion.
Interactive sessions – The course will use informative lectures to introduce key concepts and theories related to the topic.
Presentations – Participants will be presented with multimedia tools such as videos and graphics to enhance learning. These will be delivered engagingly and interactively.

Training Medium

This Certification in Compensation and Benefits Management Training Course training is designed in a way that it can be delivered face-to-face and virtually.

Course Duration

This training is versatile in its delivery. The training can be delivered as a full-fledged 40-hour training program or a 15- hours crash course covering 5 hours of content each day over 3 days

Pre-course Assessment

Before you enroll in this course all we wanted to know is your exact mindset and your way of thinking.
For that, we have designed this questionnaire attached below.

Describe what compensation and benefits management is and why it is important for luring and keeping top personnel in a firm.
The many elements of a thorough compensation package, including both monetary and non-monetary awards, should be listed and described.
How can employee engagement and job satisfaction be increased by a thoughtful compensation and benefits strategy?
What are the most important factors to take into account when coordinating benefits and pay with an organization’s overall business strategy?
Identify the key variables that affect market-based salary structures and how businesses should make sure their pay is competitive.
Describe the idea of total incentives and how it affects employee productivity and motivation.

Course Modules

This Certification in Compensation and Benefits Management Training Course covers the following topics for understanding the essentials of the Agile Workplace:

Module 1 – Overview of Compensation and Benefits Management

What is management of compensation and benefits?
Compensation and benefit advantages
Basic Compensation and Benefits Management Principles
Benefits and compensation differ from each other.
Creating the pay and benefits scheme

Module 2 – Compensation Elements

Basic pay Allowances (housing, transportation, and so on)
Rewards and bonuses
Benefits/Perquisites
Ready-to-use templates that can be modified

Module 3 – Benefits Components

Plans for contributions to a pension
Vacations and excursions
It depends on the corporation whether to distribute gains as shares, RSUs, etc.
Transferring bonuses
Extra days off
Health advantages

Module 4 – Compensation Calculation

Assessing the market at the moment
Evaluating the potential for growth
Creating a standard for pay
Reviewing and modifying benefits to conform to market norms in order to achieve and maintain a position as the employer of choice
Basic things to remember
Ratio of Compensation

Module 5 – Compensation Evaluation

Performance-based
Candidate experience and qualifications
Compensation based on performance
Current or previous salary
Job title, tenure, and qualifications

Module 6 – Computerized Compensation Tools

System for managing payroll
Choosing rewards and incentives
Budgetary control
Promotions and raises
(Salary and benefits) Direct Compensation

Module 7 – Benchmarking the market

Knowing the salary guidelines
Quantitative and qualitative market analysis
Comparing available jobs
Analyze the wage policies of rivals

Module 8 – Legal requirements

Revenue tax
Different tax implications
Law on prevailing wages
Service agreement

Post-course Assessment

Participants need to complete an assessment post-course completion so our mentors will get to know their understanding of the course. A mentor will also have interrogative conversations with participants and provide valuable feedback.

What significant insights have you received throughout the training course, and how has your understanding of pay and benefits management changed?
List and briefly describe the minimum three elements of a comprehensive remuneration package that, in your opinion, have the most influence on luring and keeping top personnel.
Give an illustration of how an organization’s employee engagement and work satisfaction can be increased by a thoughtful salary and benefits strategy.
Describe the procedures involved in coordinating benefits and pay with a company’s overall business plan and the effects this coordination has on performance.
Talk about the key determinants of market-based salary structures and how businesses can modify their compensation strategies to stay competitive.

Lessons Learned

Participants discovered that compensation and benefits administration should be in line with the overall business strategy and HR goals of an organization. Employee engagement and productivity are increased when remuneration methods are in line with the organization’s objectives.

The need of adopting a whole incentives perspective, which takes into account both monetary and non-monetary benefits to build a comprehensive and alluring package for employees, was underlined throughout the course.

Talent Attraction and Retention: Finding and keeping top talent requires a thoughtful approach to remuneration and benefits. Participants recognized the importance of competitive pay and extensive benefits in the current work environment.

“Organizational Success through Certified Compensation and Benefits Strategies”