Human Resources are one of the most vital resources for any organization. It is responsible for each and every decision taken, each and every work done and each and every result that an organization achieves. So, these Human Resources should be managed properly and motivated by providing best compensation and benefits as per the industry standards.
Compensation is the remuneration received by an employee in return for his/her contribution to the organization. It is an organized practice that involves balancing the work-employee relation by providing monetary and non-monetary benefits to employees. Compensation is an integral part of Human Resource Management which helps in motivating the employees and improving organizational effectiveness. The lucrative compensation also serves the need for attracting and retaining the best employees for achieving organizations goals.
Most organizations are not always aware of how to develop the most cost effective compensation and benefits structure that is also the most motivating for higher performance. As a result – some organizations are paying quite high yet fail to achieve their desired outcomes due to structural deficiency. This course has been specifically designed to clarify various types of compensation and benefits structure – and how they can be applied to achieve organizational goals.
- To help participants understand the various types of compensation structure and their suitability for organization and/or functions
- To equip participants with the knowledge of overall payroll components
- To develop participants' awareness on the importance of making correct and accurate payroll practices
- To clarify the basics steps of conducting a salary/wage survey
- To equip participants with related law and regulations when dealing with payroll
- To increase participants' ability to deal with relevant issues and problems of payroll
Workshop topics to be covered:
01. Evaluation of Compensation Structure vs. Organization Objectives
02. Importance of the RIGHT Compensation & Benefits package design
03. Job Evaluation & Internal Pay Structures
04. Salary Survey and their influence of Compensation Philosophy
05. Components of Payroll
06. Payroll Management Process
07. Incentive Plans and their management systems
08. Management Pay practices
09. Legal aspects of Payroll administration
10. Issues and problems in payroll management