Description
OBJECTIVES:
- Understand how to match reward to the business strategy and culture
- Be able to apply the basic principles to pay and management of pay systems
- Be able to assess current influences on reward strategy and practice
- Be able to identify the impact of job evaluation on the delivery of both reward and overall HR strategy
- Be able to identify the main features and practices of performance-related pay, bonus and commission schemes, skills-based and competency-related pay schemes relating to both individuals and teams and apply this to their own organisation
PROGRAMME DETAILS
DAY ONE
- The importance of rewards
- Matching reward to business strategy and culture
- Factors affecting pay
- Reward strategy
- Reward policy – objectives and parameters
- Case study
DAY TWO
- Job Evaluation
- The process
- Using the results to develop salary structures
- Case study
- Managing the pay system
- Designing pay structures
- Pay audits
- Pay modelling
- Changing pay structures
- Managing annual pay reviews
DAY THREE
- Performance matters
- Performance based pay
- Skills based pay
- Competency based pay
- Managing performance and applying the results of performance measurement to reward
- Practical exercise
DAY FOUR
- Incentives and Rewards
- Sales/Production incentives
- Management bonuses
- Executive Compensation
- Team pay
- Other measures
- Non-financial rewards
- Case study
DAY FIVE
- Benefits and their fit with the company approach to reward
- Flexible benefits
- Other benefits
- Current issues
- Pensions and designing a pensions package
- Total remuneration
- Communication reward
