Compensation plays a significant role in an organization's success. A compensation strategy must be designed well to attract and retain talent. As the single largest expense for most companies, it's imperative to develop the right pay structure and appropriate recognition methods. This course is for HR Generalists who need to learn basic compensation principles and their application to the business. During this course, you'll learn about developing a compensation strategy, methods for conducting a job analysis, developing job descriptions, and setting up base and variable pay structures. Compensation is one of those topics you must understand to not only drive the success of your business but also build essential skills for a successful career in HR.
HR Jetpack is recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP or SHRM-SCP. This program is valid for 1.0 PDCs for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit shrmcertification.org.
This activity, has been approved for 1.25 HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
The use of the HRCI seal confirms that this activity has met HR Certification Institute's® (HRCI®) criteria for recertification credit pre-approval.
Title: Course Conclusion
This concludes the Comp 101 course. By participating in this course you should be able to:
Describe the two categories of compensation
Discuss with managers and others how compensation plays an important role in driving organizational performance and be able to describe the strategic model for driving organizational performance
Describe the purpose of a compensation philosophy statement and general content
Describe methods for conducting a job analysis
Describe the content of a job description and why job descriptions are important
Discuss the importance of classifying jobs correctly and the general FLSA exemption requirements
Discuss the components of a pay structure and the types of base pay structures
Define different types of pay increases
Discuss with managers and others the pros and cons of merit increases
Describe the different types of variable pay programs
And finally, describe and discuss common performance metrics
Thanks for taking the time to learn best practices in developing and implementing a compensation strategy for your organization.
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Pamela Sande, CCP, is the Managing Principal of Pamela Sande & Associates, LLC. Pamela has over 25 years of human resources experience in both consulting and corporate roles, including as an HR executive and as a specialist in designing total rewards programs that drive organizational performance.
In her current role as Managing Principal, Pamela and...