Training overview
Professional Course
2 days
From 1,665 USD
Start dates
Chapel Hill
1,665 USD
11/2/2020

Chicago
1,665 USD
11/4/2020

San Francisco
1,665 USD
12/9/2020

Course description

Foundations of Compensation

Kick-start your journey into the world of compensation with this practical yet engaging learning experience. In this program, you will build knowledge in the fundamentals of compensation, including key legislation, designing and administering a compensation system, and communicating compensation plans to your organization. You will participate in application-based activities and discussions designed to increase your awareness and skill in such areas as incentive pay and compensation for critical business needs. You will walk away from this course with the foundational knowledge required for any new compensation practitioner.

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Who should attend?

This course is suitable for early-career HR professionals. 

Training content

This program includes the following modules:


• Module 1: Introduction to Compensation
o What is compensation, and why is it important?
o Relationship between compensation, business needs, and total rewards
o Roles and challenges for the HR compensation professional
• Module 2: Legislation that Impacts Compensation
o Introduction to laws impacting legislation
o Fair Labor Standards Act (FLSA) (1938)
o Portal-to-Portal Act (1947)
o Equal Pay Act (1963)
• Module 3: Designing a Compensation Structure
o Tying compensation to business needs and organizational culture
o Compensation as part of the total rewards philosophy
o Step 1: Define the compensation philosophy
o Step 2: Develop project plan
o Step 3: Know your jobs
o Step 4: Determine sources of market data
o Step 5: Collect and analyze data
o Step 6: Develop the compensation structure
o Broadbanding
• Module 4: Implementing, Administering, and Maintaining a Compensation System
o Issues with pay adjustments or pay administration decisions
o Compliance
o Pay increases
o Pay variations
o Measuring effectiveness—evaluating the compensation system
• Module 5: Compensation Communication
o Communicating your initial plan
o Communicating and announcing changes
• Module 6: Incentive Pay
o Incentive pay
o Pay plans for select employees
• Module 7: Compensation for Critical Business Needs
o Mergers and acquisitions
o International compensation
o Recent compensation developments
o Compensation resources

Costs

  • Member Price: $1,395
  • Non-Member Price: $1,665

About SHRM

Society for Human Resource Management (SHRM)

Society for Human Resource Management (SHRM)

The Society for Human Resource Management (SHRM) is the world’s largest HR professional society, representing 285,000 members in more than 165 countries. For nearly seven decades, the Society has been the leading provider of resources serving the needs of HR...


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Society for Human Resource Management (SHRM)


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www.shrm.org


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