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Compensation and Benefits for HR Managers Series
Learn to create an exceptional compensation package for your employeesPreview the first lesson free — get full access to all 21 lessons.
Intermediate Provider : Dari DeSousa 5 chapters · 21 Lessons · 50m in Arabic, German, English, Spanish, French, Portuguese, Chinese
Course Description
A strong total compensation package will help you attract and retain talent. This course will guide you through planning and creating an effective wage strategy for your company. You’ll also receive the metrics and data needed to make executive decisions about planning compensation for potential and hired talent. You will learn how to research your market and determine how competitive your current compensation package is, so you can make informed decisions on your compensation and benefits. You will also learn how to calculate the cost and impact of voluntary turnover. Finally, you will learn how to conduct a wage survey in order to create a budget and financial strategies that best fit your organization’s goals.
What You'll Learn
- Understand the fundamentals of employee compensation and how to define a total compensation package
- Develop a competitive wage strategy and wage and increase structure for your organization
- Apply strategies related to base pay and variable pay
- Conduct wage surveys to research your market and benchmark your current compensation package
- Identify the benefits and perks that can be included as part of compensation, including legally required benefits, health insurance, retirement, time off, and voluntary benefits
- Build an implementation team and introduce the plan to gain management support, then adapt and evaluate the plan's effectiveness
Key Takeaways
- A strong total compensation package helps a company attract and retain talent.
- The course provides the metrics and data needed to make executive decisions about planning compensation for potential and hired talent.
- Researching your market lets you determine how competitive your current compensation package is so you can make informed decisions.
- Learners are shown how to calculate the cost and impact of voluntary turnover.
- Conducting a wage survey supports creating a budget and financial strategies that best fit an organization's goals.
Frequently Asked Questions
Who is this course for?
It is designed for HR managers planning and creating a wage strategy for their company and making executive decisions about compensation for potential and hired talent.
What topics does the course cover?
It covers defining compensation and its impact, developing a wage strategy, base pay and variable pay strategies, wage surveys, wage and increase structure, benefits and perks (legally required benefits, health insurance, retirement, time off, and voluntary benefits), and creating an implementation team to introduce, adapt, and evaluate the plan.
What skills will I gain from this course?
The course develops skills in persuasive communication, benchmarking, and change management.
Will I learn how to assess whether my compensation package is competitive?
Yes. You will learn how to research your market and determine how competitive your current compensation package is, including conducting a wage survey to inform your budget and financial strategies.
Does the course address employee turnover?
Yes. You will learn how to calculate the cost and impact of voluntary turnover.
Professional Certifications and Continuing Education Units (CEUs)
HR Certification Institute® (HRCI®)
