An Overview

Learn about the fundamental concepts of compensation, benefits, rewards, and total rewards, Learn about job evaluations and job pricing, and their significance in setting salaries and employee rewards, Learn about the key statistical methodologies used in compensation research and data analysis, design appropriate and relevant total compensation plans and reward programs, evaluating performance and linking performance to effective rewards, benchmarking surveys, and how to use the market data results in determining your internal salary levels, develop performance-based pay systems, and other variable pay programs, design compensation structures and flexible pay plans, design effective reward communication programs for your business success.

Program Agenda

SESSION I: COMPENSATION SYSTEM AND REWARD CONCEPTS

Introduction, Understanding of the Fundamentals of Compensation, Benefits, Rewards Total Rewards, Components of Compensation Systems Compensation Systems in the Indian Environment, Compensation Approach and Framework Reward Philosophy, Reward Strategy, Total Reward Programs Factors Affecting Rewards, Statutory Compliances, Environmental Factors, Impact of Globalization on Compensation Programs SESSION II: JOB EVALUATION AND PRICING Job Evaluation, Aspects of Job Evaluation Job Evaluation Methodologies, Job Design Point Rating Method, Linking Job Points to Pay Points Hay Guide Chart Profile Job Evaluation and Pay Determination Job Pricing, Narrow Banding, Broad Banding SESSION III: COMPENSATION SURVEYS AND DATA ANALYSIS Compensation Surveys, Types of Surveys, Survey Data Analysis Job Equivalence, Job Evaluation and Salary Data Grade Point and Market Salary, Median Pay, Percentiles, Compensation Ratios, Salary Rates, Salary Equity, Market Parity. Evolution of Compensation Structures Types of Employee Rewards, Standard Reward Practices, Flexible Pay Programs Developing Different Compensation Structures in a Global Environment Communicating of Compensation and Benefits Structures as ‘Employee Value Proposition’ SESSION IV: DEVELOPING COMPENSATION STRUCTURES AND VARIABLE PAY PLANS Variable Pays, Types of Variable Pays (STI, MTI, LTI), Trends in Variable Pays, Designing Variable Pays, Steps in Introducing Variable Pays, Rewarding Critical Roles and Hot Skills, Different Types of Variable Pay Programs. Defining Performance Parameters, Measuring Performance, Basic Guidelines for Rewarding, Typical Reward Models, Linking Rewards to Performance, Pay for Performance, Integrating Total Rewards with Job, Market and Performance. Communication of Reward Programs, Changing Approach to Reward Communications, Steps in Effective Reward Communication, Implementation Guidelines for Reward Programs in Organizations.

Faculty
An Alumnus of XLRI, Jamshedpur, with over 30+ years professional experience as HR Leader, Consulting Partner, and Office/ Practice Head. Worked with large corporations such as Vice President HR with Tata Enterprise, Director for Axon Learning, Director for Mindshare Consulting, Director HR - Consulting with Ernst & Young, and many such milestones, with specialist areas in Competency Mapping of unique roles and Assessment Centers, Organizational restructuring & Role profiling, Workplace audit, Compensation restructuring and Training assignments for reputed companies like IOC, M&M, HCL Perot System, Exim Bank, NTPC, BHEL, Airtel, GATI, Indian Oil, etc.

What you will get? Manual User Guide Book Reading materials Recordings of the sessions Practical assignments Final Project work on given topics to be completed in 60 days On completion, you will receive "Recognition Certificate" with Grades Your Name will be listed in the Meritt Training Directory Participants will be awarded SHRM Professional Development credits (12 PDC's) Contact Meritt Learning Center Email: training@merittconsultants.com; Contact: +91-7428466822 www.merittconsultants.com