Foundations of Compensation - Onsite

Society for Human Resource Management (SHRM)
Training overview
Corporate / Group Training
On-site
Start dates
North America
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Course description

Foundations of Compensation

Gain the necessary insight to kick-start your journey in compensation. Explore the fundamentals of compensation, including key legislation, designing and administering a compensation system, and communicating compensation plans to your organization. Engage in practical-application activities and discuss incentive pay, compensation for critical business needs, and recent compensation developments. Obtain the essential knowledge you need as a 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

Please request information for details about cost.

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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