Compensation Management training

Compensation Management

Solomon People Solutions offers compensation management services to help businesses attract and retain top talent. We create competitive compensation plans that align with your company’s budget, job market trends, and government regulations.

Our solutions focus on fairness, motivation, and employee satisfaction, helping improve retention and performance. With well-structured pay strategies, your business can stay competitive and achieve long-term success.

Medium of Instruction: English
Duration of the program: 16 hours

The Compensation Management Program equips participants with a detailed understanding of compensation strategies and their influence on organizational growth and employee performance. The program focuses on essential topics such as job evaluation, salary benchmarking, incentive planning, and regulatory compliance. Through a blend of case studies, theoretical discussions, and hands-on activities, participants learn to design and implement compensation plans that balance fairness, competitiveness, and alignment with business goals.

Additionally, the training highlights key elements of project management compensation and other aspects of compensation in human resource management. By mastering these concepts, HR professionals, business leaders, and compensation specialists will be prepared to enhance employee satisfaction and retention through effective pay strategies. This program ensures that organizations can stay competitive by developing remuneration systems that meet industry standards and employee expectations.

 

  • Understand the fundamentals of compensation management and its role in organizational success.
  • Learn how to design and implement competitive and fair compensation plans.
  • Explore best practices for managing benefits, incentives, and salary benchmarking.
  • Develop problem-solving skills to address compensation challenges.
  • Align employee satisfaction with organizational goals through strategic remuneration planning.
  • HR professionals and managers seeking expertise in HR compensation management.
  • Business leaders and decision-makers interested in compensation strategy.
  • Compensation and benefits specialists.
  • Entrepreneurs and small business owners.
  • Students and aspiring HR professionals eager to learn about compensation in human resource management.

Training Modules (2-Day Program)

Day 1: Foundations of Compensation Management

  • Introduction to Compensation Administration: Definition, purpose, and importance of compensation management. The impact of compensation on employee motivation and retention.
  • Compensation Strategy and Design: Aligning pay structures with business objectives. Essential components of compensation, including base pay, incentives, and benefits.
  • Job Evaluation and Salary Benchmarking: Methods such as point-factor analysis, job ranking, and classification. Industry-wide salary surveys and benchmarking practices.
  • Legal and Regulatory Framework: Ensuring pay equity and non-discrimination in compensation. Compliance with labor laws and regulations.

Day 2: Advanced Topics and Practical Application

  • Recap of Day 1 and Objectives for Day 2: Review of key concepts with a focus on practical skill application.
  • Incentive Programs and Variable Pay: Designing performance-based incentive plans, including bonuses, commissions, and profit-sharing.
  • Employee Benefits and Perquisites: Overview of benefits such as healthcare, retirement plans, and wellness programs. Current trends, including remote work allowances and flexible scheduling.
  • Managing Compensation Challenges: Addressing salary compression and pay disparities. Compensation strategies during organizational changes like downsizing or mergers.
  • Action Planning and Implementation: Developing a custom project management compensation plan. Tools and resources for continuous compensation administration.
  • Comprehensive Knowledge: Gain in-depth expertise in compensation management concepts and strategies.
  • Practical Skills: Learn how to develop and execute effective pay and benefits plans.
  • Competitive Advantage: Stay updated on industry trends and best practices in HR compensation management.
  • Enhanced Decision-Making: Make informed choices regarding pay structures and policies.
  • Employee Satisfaction: Improve employee engagement and retention through equitable compensation plans.
  • Networking Opportunities: Connect with industry experts and peers in compensation in human resource management.

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    Here is what some of the previous participants of this program had to say:

    “We learnt a lot of new techniques which will help us to implement in our organisation”

    “It was brought across to us in a such a way that we have go back and implement”

    Beginning of the program:

    Each participant has to fill in a pre-training need form to ascertain their expectations that can be catered to by the facilitator.

    At the end  of the program

    Each participant has to submit a Post Training Action plan for implementation and to ascertain the Return on Investment.