Foundations of Compensation

PROGRAM OVERVIEW

Gain the necessary insight to kick-start your journey in compensation. Explore the fundamentals of compensation, including key  legislation, identifying the steps involved for administering and  maintaining a compensation system, and communicating compensation plans to your organization.

Engage in practical-application activities and discuss incentive  pay, compensation for critical business needs, and recent compensation developments. Obtain the essential knowledge you  need as a new compensation practitioner.

 

PROGRAM OBJECTIVES

This program is designed to provide you with the knowledge and skills necessary to:

  • Identify laws that affect compensation

  • Understand how business strategy and compensation philosophy guide a total rewards program

  • Establish job value utilizing internal and external methods and develop pay structures

  • Administer and communicate compensation programs

  • Understand and evaluate short-term and long-term incentive plans

  • Recognize the components of executive compensation

 

PROGRAM OUTLINE

SECTION 1: Introduction

 

SECTION 2: Applicable Laws

  • Key Legislation Affecting  Compensation
  • Pay Equity Laws
  • Federal, State and Local  Laws
  • Legal Scenario

 

SECTION 3: How Business Strategy Drives Compensation Strategy

  • Business Strategy Examples
  • What Is a Compensation Philosophy?
  • Components of a Compensation Philosophy

 

SECTION 4: Establishing the Value of Jobs

  • The Importance of Job Descriptions
  • Internal Job Value
  • Point Factor System Activity
  • External Job Value
  • Survey Data Collection  Activity
  • Internal Job Value vs.  External Job Value

 

SECTION 5: Pay Structures

  • Pay Range Adjustments
  • Market Adjustments
  • Merit Increases
  • Step Increases
  • Promotions

 

SECTION 6: Pay Administration

  • Pay Range Adjustments
  • Market Adjustments
  • Merit Increases
  • Step Increases
  • Promotions

 

SECTION 7: Communication

  • Transparency Matrix
  • Total Compensation Statements
  • Difficult Compensation Conversations

 

SECTION 8: Show Me the Motivation

  • Motivation Models         
  • Top Three Retention Tools
  • The Puzzle of Motivation

 

SECTION 9: Bonus Plans and Other Short-term Incentives

  • What is Variable Compensation?
  • Bonus Plans
  • Assigning Performance Measures Activity

 

SECTION 10: Sales Incentives

  • Types of Sales Roles
  • Sales Measures and Parameters
  • What Would You Do?

 

SECTION 11: Pay Equity

  • What is Pay Equity?
  • Gender Pay Gap
  • Wage Data
  • State and Federal Laws Impacting Equal Pay
  • Compensation Discrimination
  • Pay Equity Activity

 

SECTION 12: Think Like an Owner

  • Equity
  • Long-Term Incentive (LTI)
  • Profit Sharing
  • Employee Stock Ownership Plan (ESOP)

 

SECTION 13: Executive Compensation Overview

  • The Compensation Package
  • Executive Total  Compensation

 

SECTION 14: Current Trends in Compensation

  • Firing the Performance  Review
  • Merit Budgets
  • Fair Labor Standards Act (FLSA)
  • Minimum Wage and Living Wage

 

SECTION 15: Conclusion

 

Recertification

SHRM: 15 PDCs

Foundations of Compensation

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