Quick Overview:

• Online Interactive Live Sessions Using Zoom

• Duration: 15 Hours 

• Number of Sessions: 5 Sessions (3 Hours per Each)

• Two Days per week Sunday & Tuesday from 7 PM till 10 PM

• Course Start Date: Sunday 27 August 2022

A total rewards strategy starts with an organization’s overall business strategy to attract top-notch talents and motivate and retain current employees through a practical and inclusive rewards package.

This package combines all the benefits, incentives, guidelines, processes, programs, and rewards that an organization offers its employees.

Typically, the HR department or a dedicated compensation & benefits team implements a total rewards strategy.

Upon completion of this workshop, participants will be able to:

• Establish a strategic pay plan to attract top-notch talents

• Design an effective performance-based incentive plan to motivate your current employees

• Create a tailor-made benefits & services plan to retain high calibers

• Analyze a given salary survey

• Balance internal equity with external competitiveness

• Avoid and manage salary compression

• Propose a competitive benefits and assistance plan

• Improve employee job satisfaction, engagement, and retention

Module 1: Establishing a Strategic Pay Plan

A) Salary Survey

• How to take a decision regarding which survey to use?

• Learn how to read salary surveys (quartiles, percentiles, deciles & average)

B) Job Evaluation

• The Job Evaluation committee

• Identifying Compensable factors

• How to use the popular Point Method to determine the relative job weight

C) Job Grading

• Grouping similar jobs into pay grades

• Grading methodologies

D) Pricing Pay Grades

• Plotting the wage curve (Linear Regression)

• Market pricing of jobs

E) Fine Tune Pay Rates

• Developing pay ranges

• Correcting out-of-line rates (Managing red and green circles)

Module 2: Variable Pay Plans

• Pay for Performance and Financial Incentives

• Designing a performance-based incentive plan

• Motivation theories and incentive plans

Module 3: Benefits & Services

• Pay for time not workeday for time not worked

• Insurance, Retirement and family friendly benefits

  Payroll Calculations:

• Income tax deductions

• Social Insurance deductions

• Cafeteria approach