Compensation and Benefits - DPS 15252
|DPS 15252||36 hours|
Competitive compensation and benefits programs play key roles in an organization’s ability to attract, retain, and motivate qualified talent. This course provides an overview of the goals and design of effective compensation frameworks and explores some approaches to compensation decision analysis. Topics will include pay and reward structures, job analysis and job evaluation, salary scales and labour market data, and union negotiation.
PrerequisitesPrinciples of Human Resource Management
Upon completion of this course, students should be able to:
- Recognize the role compensation and benefits programs play in an organization’s overall business strategy through their capacity to build behavioral and economic advantages;
- Analyze and apply the theories regarding employee behavour.
- Determine how reward and compensation systems motivate employees differently and how to align key motivational drivers with the compensation strategy;
- Use labour market information to determine appropriate pay systems and scales;
- Design a pay structure that will ensure the company is competitive with other similar firms (external competitiveness), and conduct a market survey to determine appropriate pay levels.
- Identify and analyze a variety of reward systems used to determine individual and group pay levels.
- Apply a systematic and strategic framework to develop and administer a total compensation plan and implement evaluation mechanisms to measure return on investment.
- Discuss the various influences on changing compensation.
- Distribute compensation using various methodologies.
- Analyze an organization to create a comprehensive new pay system including implementation and administration parameters.
CERTIFIED HUMAN RESOURCE PROFESSIONAL REQUIRED PROFESSIONAL CAPABILITIES (RPCs):
RPC:119 - Identifies and develops the philosophy, strategy and policy with respect to the total compensation package consistent with the organization’s goals.
RPC:120 - Evaluates the total compensation strategy to ensure it is consistent with the objectives of attracting, motivating and retaining the qualified people.
RPC:121 - Monitors the competitiveness of the total compensation strategy on an ongoing basis.
RPC:122 - Recommends the appropriate mix of base and variable compensation.
RPC:127 - Recommends benefit plans most suited to organizational needs.
RPC:135 - Develops specifications for the acquisition or redesign of pension plans, and their administration.
RPC:136 - Reviews pension proposals submitted by third parties and evaluates the information received.
RPC:137 - Recommends pension plans most suited to organizational needs.
RPC:138 - Manages the transition to a new or revised pension plan.
RPC:139 - Provides information and counselling to pension plan participants.
RPC:140 - Administers the reporting, funding and fiduciary aspects of the pension plan(s).
- Textbook recommended