Creating a compelling compensation package is crucial to attracting the right talent to achieve organizational goals. Gain a comprehensive overview of how to design and deliver effective compensation programs in this course.
Examine the concepts, techniques, strategies, and forces that shape the development of a comprehensive compensations plan
Delve into salary administration, incentive plans, and stock-based programs
Understand how the underlying factors of motivation, performance evaluations, and labor marketing dynamics affect the development of compensation programs
Learn the laws and regulations that apply to compensation
Apply the concepts learned to build a compensation program
About this course:
In this introductory course, students explore compensation as a key factor in achieving organizational goals. In addition to introducing current concepts, approaches, techniques, and terms, instruction examines the forces that shape the development of compensation strategies, plans, and policies. Topics include salary administration, incentive plans, and stock-based programs; the factors of motivation, performance evaluation, labor market dynamics, and budgeting that underlie the development of compensation programs; key steps involved in developing salary administration and cash-incentive programs; major laws and regulations that apply to compensation; and the way compensation programs are designed for specific job families, units/functions, and levels of organization.
Prerequisites
MGMT X 450 Elements of Human Resources Management or consent of instructor.
