Recertification Hours: 15
This program highlights technical competencies related to compensation, and it’s appropriate for entry- and mid-level HR professionals who are new to the field of compensation. It provides an overview of the considerations necessary to develop a compensation structure and system that is internally equitable and externally competitive. The program outlines the process of designing a compensation structure, which includes writing a compensation philosophy, developing a compensation plan, analyzing jobs, and gathering and analyzing external market data. It also reviews the fundamentals of base compensation, pay increases, pay variations, incentive pay, and other practical compensation practices, such as writing job descriptions and establishing and administering compensation structures.
This program provides helpful tips on how to communicate the components of the compensation structure and system to senior management and prospective and existing employees. It also explains the relevance of federal laws to compensation (e.g., Fair Labor Standards Act, Equal Pay Act, Portal-to-Portal Act) and how to ensure compliance (e.g., determining if an employee is exempt or non-exempt) with the various aspects of the laws.
It concludes with a brief introduction to compensation issues for specialized business needs, such as compensation for mergers and acquisitions and international business.
- Discuss key aspects of legislation that affect compensation structures and systems.
- Design a compensation structure.
- Administer and maintain a compensation system that aligns with an organization’s mission and vision.
- Effectively communicate details of compensation plans initially, and when they are changed.
- Describe incentive pay and types of pay plans for select employees.