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HR: Compensation and Benefits

Employee compensation can be the deciding factor in whether or not a candidate accepts a job position. It can also be the deciding factor in whether a company can afford to hire additional employees. Every organization, large and small must determine the pay structure for its employees; compensation and benefits administrators are the key specialists in charge of managing the impact of compensation and benefits packages on an organization’s bottom line, while ensuring fair and equitable pay rates for employees.

Developed by leading experts in the Human Resource Management field and approved for recertification credits by the HR Certification Institute (HRCI®), the HR: Compensation & Benefits Certificate program prepares you to be an effective and integral member of an organization’s compensation team.

 

Program Objectives

Establishing and maintaining an organization’s pay structure and benefits packages are the principal responsibilities of a compensation and benefits manager. This course will deliver the specialized knowledge and skills in the field which you need to develop compensation and benefits programs effectively,

In this program, participants will learn about:

The Pay Model

  • Compensation: Definition, Please?
  • Relationship between Shareholder Return & Change in CEO Pay
  • A Pay Model
  • Caveat Emptor

The Totality of Decisions

  • Three Compensation Strategies
  • Tailor the Compensation to the Business Strategy
  • Key Steps in Formulating a Total Compensation Strategy
  • Source of Competitive Advantage: Three Tests
  • “Best Practices” versus “Best Fit”?

Defining Internal Alignment

  • Compensation Strategy: Internal Alignment
  • Differentials
  • Pay Structures
  • Structures Vary among Organizations
  • What Shapes Internal Structures?
  • Illustration of an Internal Labor Market
  • Strategic Choices in Designing Internal Structures
  • Guidance from the Evidence
  • Consequences of Structure

Job Analysis

  • Ways to Create Internal Structure
  • What is Job Analysis and Job Analysis Procedures
  • Determining the Internal Job Structure
  • Communication: Task-Based Data
  • 3M’s Structured Interview Questionnaire
  • How Can Information Be Collected?
  • Judging Job Analysis
  • Work Sample Review and Developmental Process

Evaluating Work - Job Evaluation

  • Many Ways to Create Internal Structure
  • Comparison of Job Evaluation Methods
  • Job Evaluation Form
  • Rest of Steps
  • Who Should Be Involved?
  • Balancing Chaos and Control

Person-Based Structures

  • Person-Based Structures: Skill Plans
  • “How-to”: Skill Analysis
  • Determining the Internal Competency-Based Structure
  • Behavioral Anchors for Global Perspective Competency 
  • Administering the Plan
  • Bias in Internal Structures

Defining Competitiveness

  • What is External Competitiveness?
  • Pay Level and Pay Mix: Two Objectives
  • What Shapes External Competitiveness?
  • Labor Market Factors
  • Product Market Factors and Ability to Pay
  • Competitive Pay Policy Alternatives
  • Pay-Mix Policy Alternatives

Designing Pay Levels, Mix, and Pay Structures

  • Determining Externally Competitive Pay Levels and Structures
  • The Purpose of a Survey and Competitive Intelligence
  • Select Relevant Market Competitors
  • Design the Survey
  • Interpret Survey Results and Construct a Market Lines
  • From Policy to Practice: Grades and Ranges
  • Balancing Internal and External Pressures: Adjusting the Pay Structure - Reconciling Differences
  • Market Pricing

Pay for Performance: The Evidence

  • What Behaviors Do Employers Care About?
  • What Motivates Employees?
  • Components of a Total Reward System
  • Does Compensation Motivate Behavior?
  • Examples of Group Incentive Plans
  • Designing a Pay-for-Performance Plan

Pay-for-Performance Plans

  • Overview: Pay-for-Performance Plans
  • Specific Pay-for-Performance Plans: Short Term
  • A Sampling of Performance Measures
  • Types of Variable Pay Plans: Advantages and Disadvantages
  • Types of Gain Sharing Formulas

Performance Appraisals

  • The Role of Performance Appraisals in Compensation Decisions
  • Common Errors and Factors Related to Inaccurate Performance Appraisal
  • Strategies for Better Understanding and Measuring Job Performance
  • Select the Right Raters
  • The Rating Process
  • Putting It All Together: The Performance Evaluation Process
  • Equal Employment Opportunity and Performance Evaluation
  • Tying Pay to Subjectively Appraised Performance
  • Designing Merit Guidelines

The Benefits Determination Process

  • Changes in Benefits Costs Over Time
  • Why the Growth in Employee Benefits?
  • Value and Ranking of Employee Benefits
  • Key Issues in Benefit Planning, Design, and Administration
  • Factors Influencing Choice of Benefit Packages
  • Questionnaire Format for Benefit Surveys
  • Employee Benefit Communication

International Pay Systems

  • Managing Variations
  • The Social Contract
  • Culture and Managing International Pay
  • Strategic Market Mind-Set
  • Expatriate Pay
  • Borderless World ? Borderless Pay?

Government and Legal Issues in Compensation

  • Government as Part of the Employment Relationship
  • Fair Labor Standards Act of 1938
  • Pay Discrimination: What Is It?
  • Title VII of the Civil Rights Act of 1964
  • Sources of the Earnings Gaps

Management: Making It Work

  • Managing Labor Costs
  • Control Salary Level: Top Down
  • Ethics: Managing or Manipulating?
  • Embedded Controls
  • Why Communicate Pay Information?

General

  • Journal Article(s) review and discussion
     

Instructional Method and Format

  • Instructor-led, interactive seminar style program
  • Instructors are practicing Human Resource professionals with extensive experience in the field
  • Course principles are delivered and reinforced using lectures, small group case studies, discussions, reading assignments, carefully selected and up-to-date journal articles and homework

An Equal Opportunity/Equal Access Institution
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