Professional Development Information

Compensation Design & Planning

Scheduled Date

This seminar is not currently scheduled.

Compensation Design & Planning
Ensure your organization is competitive by learning how to evaluate and design compensation plans and assess compensation needs to attract and retain the best talent.
Compensation Planning, Compensation Training, HR Training

Ensure your organization is competitive by learning how to evaluate and design compensation plans and assess compensation needs to attract and retain the best talent.

Compensation directly impacts an organization’s recruitment and retention strategies.  In this seminar, participants examine the role of compensation in the organization’s strategic HR plan, key elements and practices of putting together a compensation plan to meet organizational objectives and pitfalls that occur and how these can be addressed.

Participants will learn how to design pay scales, perform compensation reviews on hard to fill roles, and benchmark to stay market competitive. The seminar discusses how to determine if an organization needs to lead, lag, or meet market average in terms of its compensation strategy, what total compensation includes and areas of flexibility, internal and external equity and how compensation maps to all areas of human resource management.

Learning techniques used in this session include listening, discussion, visual, group activities, and partner activities.

 

This is a module in the Human Resource Professional Program.


Benefits

For Individuals

  • Examine current compensation practices for achieving organizational effectiveness
  • Gain a better understanding of how compensation strategy and practice needs to align with all areas of human resource management including overall employee engagement, employee development, and succession efforts
  • Learn how to compare a total compensation package to relevant market comparators
  • Know if an organization needs to lead, lag, or meet market average in terms of its compensation strategy
  • Identify key areas to include in an organization’s compensation plan

For Organizations

  • Analyze key aspects of your organization’s compensation practices and plan
  • Identify compensable factors that your organization requires in its positions through job analysis
  • Identify a compensation strategy and plan to attract and retain key talent
  • Understand how to determine if your organization’s compensation plan is market competitive based on your industry and size

Who Should Attend

HR professionals, leaders, people managers, small business owners from any industry sector.


Details

Module 1: Compensation Planning Overview

  • Purpose and impact of compensation plans
  • Alignment with organizational strategy
  • Compensation Pitfalls

Module 2: Compensation Practices and Analysis

  • Compensation related policies
  • Internal and external equity
  • Benchmarking and market analysis

Module 3: Compensation Design

  • Designing and adjusting pay scales
  • Adjusting for hard to fill positions or economic climate
  • Job analysis and evaluation

Module 4: Total Rewards

  • Variable pay and incentives
  • Benefits
  • Link to engagement, employee development , succession
  • Generational impacts

Module 5: Application

  • Determine key organizational compensation gaps and areas of consideration
  • Key compensation do’s and don’ts
  • Q&A

Want More Information?

Contact

Gardiner Centre

230 Elizabeth Ave

St. John's, NL A1B 3X9 CANADA

Tel: (709) 864-2530

Fax: (709) 864-2552

becomestudent@mun.ca