Introduction
Compensation management plays a vital role in any organization. The team must ensure the salaries and the benefits provided to the employees are appropriate, competitive and just. The monetary and non-monetary perks incorporated in the package must resonate with employees’ perception of fair pay.
This IRES training course will empower you to understand the components of compensation and benefits management and how to design an attractive package and retain the best talent in the market.
Duration
5 Days
Who Should Attend
Payroll Specialists, Payroll Leaders and Managers, Recruitment and HR personnel, Independent HR experts, Independent Recruiters and consultants
Course Level:
Course Objectives
At the end of this IRES training course, participants will learn:
- Define what is Compensation and benefits?
- Explain the importance of Compensation and benefits to attract and retain the right talent
- Understand the components of Compensation and benefits management
- Strike the right balance between fixed and variable pay for each role/ job
- Compensate fairly for the level of experience, technical expertise, competencies that individuals bring to the table
- Develop skills to effectively design employee package to achieve win-win for both employer and the employees
- Successfully manage to retain the best talent in the competitive market
- Reward desired behavior for present and future occurrence
- Assess and restrain any discrimination basis gender, diversity, region, and religion
- Effectively plan and flex benefits like dearness allowance, etc., considering the location and other factors
- Devise packages in complying with legal regulations
- Keep surplus/ anticipate the exigencies that might occur or any contingencies
Course Outline
Module 1: Introduction to Compensation and Benefits Management
- What is Compensation and benefits management?
- Benefits of Compensation and benefits
- Basic principles of Compensation and benefits management
- Difference between compensation and benefits
- Designing the compensation and benefits plan
Module 2: Components of Compensation
- Basic salary
- Allowances (dearness allowance, house rent, transport, etc)
- Incentives and bonuses
- Benefits/Perquisites
- Customisable, ready to use templates
Module 3: Components of Benefits
- Retirement contribution plans
- Outings and vacations
- Sharing profits – shares, RSUs etc.- depends on the company
- Relocating bonuses
- Special day offs
- Healthcare benefits
- Travel and meal reimbursement
- Maternity and sick leave
- Other facilities
Module 4: Calculating Compensation
- Evaluating the current market
- Assessing the possibility of growth
- Setting a compensation benchmark
- Revisiting and revising packages to match the market standards – to become and remain the employer of choice
- Basic considerations
- Compensation Ratio
Module 5: Evaluating Compensation
- Performance-based
- Skills and experience of the candidate
- Competency-based compensation
- Last or current salary
- Job description, tenure, qualification
- Paying full-time Vs. contract employees
Module 6: Computable Tools of Compensation
- Payroll management system
- Determining incentives and benefits
- Budget management
- Hikes and promotions
- Direct Compensation (Salary and rewards)
- Indirect compensation (Recognition, Career development)
Module 7: Market Benchmarking
- Identifying the pay policies
- Assessing the market quantitative and qualitatively
- Comparing Jobs in the market
- Assess the pay practices of competitors
Module 8: Legal Regulations
- Income tax
- Various tax implication
- Prevailing wage law
- Service contract
Related Courses
Course Administration Details:
Methodology
These instructor-led training sessions are delivered using a blended learning approach and include presentations, guided practical exercises, web-based tutorials, and group work. Our facilitators are seasoned industry experts with years of experience as professionals and trainers in these fields. All facilitation and course materials are offered in English. Participants should be reasonably proficient in the language.
Accreditation
Upon successful completion of this training, participants will be issued an Indepth Research Institute (IRES) certificate certified by the National Industrial Training Authority (NITA).
Training Venue
The training will be held at IRES Training Centre. The course fee covers the course tuition, training materials, two break refreshments, and lunch. All participants will additionally cater to their travel expenses, visa application, insurance, and other personal expenses.
Accommodation and Airport Transfer
Accommodation and Airport Transfer are arranged upon request. For reservations contact the Training Officer.
- Email: [email protected]
- Phone: +254715 077 817
Tailor-Made
This training can also be customized to suit the needs of your institution upon request. You can have it delivered in our IRES Training Centre or at a convenient location. For further inquiries, please contact us on:
- Email: [email protected]
- Phone: +254715 077 817
Payment
Payment should be transferred to the IRES account through a bank on or before the start of the course. Send proof of payment to [email protected]
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