A Comprehensive Guide in Understanding, Designing and Managing Compensation Systems

In many organisations, compensation represents a significant portion of the business' budget and it plays an essential role in attracting and retaining employees. In this regard, how to compensate your people is one of the most important strategic decisions you will make, whether you are implementing a new strategy or adjusting an existing system. In many ways, it can give your organisation a significant competitive advantage, while supporting (or hindering) the culture and drive of the business, and the behaviours needed to grow and expand.

The topics were carefully chosen to provide participants with the information, methodologies and tools to understand better the language and concepts of compensation within the overall HR function, and how to correctly design an effective compensation system.

TOPICS TO BE COVERED

• Establishing a baseline for understanding compensation in the context of Human Resources functionality
  • What is compensation?
    
  • Basic objectives of compensation and benefits
    
  • External influences
    
  • The compensation philosophy as a baseline
    
  • Aligning compensation with the mission, vision and strategy
    
  • Effective compensation management system

• Understanding the competitive landscape for compensation, and designing effective base pay programs
  
  • Factors influencing compensation
    
  • Job analysis and job documentation
    
  • How to design and conduct an external market study
    
  • Salary design and structure
    
  • Base pay policies, procedures and implementation
    
  • Optimising pay for performance tools
    
  • Activity: Develop a compensation system and analyse data

Who Should Attend: This session is ideal for persons directly involved in the development, management, or administration of compensation systems, and persons preparing for, or engaged in collective bargaining negotiations.

Dates: Tuesday 27th - Thursday 29th, February 2024 | Time: 8:30 a.m. - 12:15 p.m. (daily)

Cost (per person): $3,500.00 plus vat (ECA Members) | $4,900.00 plus vat (Non-Members)