Module

Training objectives

Method

Time

Compensation and Benefits Environment
 
mccbm01

• The Environmental Factors Effecting Reward Strategy
  
• Government Regulation in compensation - wages, Protection programs, Tax Structures
  
• Social security & insurance in Compensation- unemployment, old age, retirement pension, disability insurance, survivor benefits, medical care and unemployment insurance
  
• Changes in Compensation Due to Collective Bargaining
• Changes in the Compensation Administration Due to shared services, off shoring, technology, freelancing, portfolio working
  

Case analysis
exercises

2 hrs

Rewards & Basics of Compensation

mccbm02

• Compensation Basics retaining of employees through direct wages & indirect benefits
  
• Components of Compensation System like direct pay, base pay, merit pay, deferred pay, protection pay, medical benefits, profit sharing, stock options etc
  
• Components of Equity Theory - Internal Equity, External Equity, Individual Equity
  

Case analysis
Simulation exercises

2 hrs

Building Internal Equity

mccbm03

• Identifying Compensable Job factors through job analysis
  
• Job Analysis
• Establishing Internal Equity through Job Evaluation Methods like job rankings, job grading, point plans, Hay plan - comparing job vs job & job vs scale
  
• Determining relative importance of a Job using job Rankings
• Factors affecting Job Grading like budget control, business impact, working conditions etc.
  
• Evaluation of jobs through point plans
  
• Assigning points values using Hay Plan

5 hrs

Building External Equity

mccbm04

• Different Aspects of Establishing External Equity like benchmarking, compensation surveys etc
• Monitors the movement & development in the labor market using Salary Survey components like base salary, salary ranges, Incentives or bonuses, allowances or benefits etc
  
• Designing Salary surveys using benchmark jobs, grouping positions, job data etc
  
• Periodicity of Salary Surveys

Case analysis
Simulation exercises

1.5 hrs

Building Individual Equity

mccbm05

• Maintaining individual equity through Performance Pay Options like piece rate pay, performance bonus, gain sharing, Esop's, pay for knowledge etc
• Building Performance Pay Systems using variable progression
  
• Pay for Performance: the challenges - psychological contracts, the credibility Gap, job dissatisfaction and Stress etc
• Introducing Pay for Performance system using steps like intent, performance criteria measurement, Funding, evaluation plan etc  The Challenges

4 hrs

Benefit Plans & Total Reward Planning

mccbm06

• Benefit Plans - paid time off, medical insurance, dental insurance, disability, life insurance, retirement benefits, family leave, education and training programs, bonuses, commissions and stock options
  
• Mandated  Benefits - social security, unemployment insurance, workers compensation
  
• Security/Insurance Benefits - severance pay, Supplement unemployment benefits, health insurance, life insurance, dental insurance
  
• Retirement Benefits
• Time Off Related Benefits - holiday pay,vacations, leave of absence, wellness programs
  
• Non-monetary perquisites - Promotion, Recognition and Awards, Transfer etc
  
• Monetary perquisites - Club Membership, Educational and Child Care Benefits etc
  
• Cafeteria Plan/Flexible Benefit Plans

Case analysis
Simulation exercises

1 hrs

Total Reward Planning

mccbm07

• Reward Strategy Objectives
• Components of Total Reward

1 hrs