Total rewards includes everything an employee perceives to be of value resulting from the employment relationship. It comprises all financial and non-financial incentives such as pay and allowances, leave, health and wellness benefits, employment insurance, retirement plans, and perquisites.
Such rewards help to attract, motivate, and retain employees. Today employee costs are rising and managing these costs in an optimal manner is critical for organizational success.
The organizations need to maintain a balance between the salary hike and profitability and productivity. Compensation and benefits is an emotive area, not only for the organizations but also for the employees. Establishing and managing a reward structure is one of the critical cornerstones of the human resource department. It is extremely important to design the right reward package that supports the business goals.
HR professionals have organizational and fiduciary responsibilities in designing, administering, and maintaining total reward systems and programs aligned with organizational strategies and goals. This course presents the strategic framework for total rewards. You’ll learn about compensation structure and systems, and employee benefits programs.
You’ll also learn about the statutory and global considerations for total rewards. The content in this course is based on the guidelines of Chartered Professional in Human Resource (CPHR BC& YK). While the course helps learners to prepare for the CPHR certification exams, it is equally useful for HR professionals who want to develop capabilities for improving their effectiveness in the workplace and advancing their career.
This course is aimed at junior or senior level human resource professionals, HR managers, and all individuals preparing for the CPHR , Global HR certification examinations of. Compensation and benefits analysts, administrators, staffing managers, and recruiters will also have interest in this certification path. Courses in this curriculum are created keeping in mind certification as well as non-certification users of the content. While the curriculum helps learners to prepare for the CPHR certification exams, it is equally useful for HR professionals who want to develop capabilities for improving their effectiveness in the workplace and advancing their careers.
WHAT YOU’LL LEARN
- How to recognize and apply elements of the Total Rewards Framework
- Ways to identify the risks/costs of compensation in order to aid you in compensation decision making
- The point method and its uses so that you can be conversant in the ways organizations determine salary range
- Effective methods of communicating and implementing a plan to support your organization
- Ways to align the compensation strategy to the talent strategy
- Management of People: Total Rewards
- Identify HR’s role in the management of total rewards
- Sequence the steps in developing a total rewards strategy
- Identify HR’s role in administering the regulatory framework for compensation and benefits
- Demonstrate your understanding of HR’s role in designing and implementing a strategic framework for total rewards
- Identify key considerations in job analysis
- Recognize job evaluation methods
- Recognize the elements of a pay structure
- Differentiate between types of compensation systems
- Differentiate between pay adjustment and variation types
- Demonstrate your understanding of HR’s role in designing and implementing equitable compensation systems
- Identify the characteristics of employee benefits
- Recognize steps in a benefits needs assessment process
Total Rewards Framework
|Module #||Module Name||Sub Module||Duration (Min)||Duration (Hrs)|
|1||Understanding Total Rewards & Related Strategy||Defining total rewards & its objectives||30||5|
|Pay Parity & Positioning||60|
|Pay differentiation & pay mix||60|
|Job evaluation -Definition & Methodology||30|
|Grading & Validation||60|
|Particpant Project I (Self Work)||–|
|Particpant Project I (Evaluation & Discussion)||60||1|
|Benchmarking & Job matching||60|
|Application job matching||30|
|Particpant Project II (Self Work)||–|
|Particpant Project II (Evaluation & Discussion)||60||1|
|Short term Incentive concept||30|
|Long term incentive concept (LTI)||60|
|Different types of LTI||60|
|Performance Metrices I||60|
|Performance Metrices II||60|
|Particpant Project III (Self Work)||–|
|Particpant Project III (Evaluation & Discussion)||60||1|
Credit & Professional Continuing Education Information:
- Earn 15 Professional Development Credits (PDC) of CPHR
Who should attend this course?
- HR Managers
- Remuneration Managers
- Executive staff
- Senior and Middle Management staff