Managing Compensation
– Overview of Concept, Objectives, Components and Principles of compensation
– Building Compensation Philosophy and Strategy aligned with Business Goals
– Factors affecting in designing Compensation plan
Developing a Competitive salary Structure (Base Pay) Job Analysis & Classification review
– Carrying out the effective Job Analysis Process
– Components of a Job Description
– Job Description Writing
Job Evaluation
– Job Evaluation Definition
– Job Evaluation Methods
– Job Evaluation Guidelines
– Job Evaluation process
Market bench-marking
– Pay policy identification
– Market Survey Analysis and Establish market definition
– Compare benchmark jobs to market
– Assesses competitiveness of pay practices
Establishing Pay Structure
– Factors affecting pay levels
– Paying for competence
– Basic salary structures
– Salary structure design
– The right number of grades
– Building a salary structure
– Incentive compensation system (variable pay)