Students will examine total rewards systems and their role in attracting, retaining and motivating employees. Students will learn how to develop and evaluate employee compensation systems that meet the needs of the employees and align with the business strategy. Emphasis is given to understanding strategic compensation as a component of a human resource system, developing a pay system (i.e. base pay, incentive pay, merit pay vs. seniority), designing compensation systems (including job analysis, survey analysis and building a pay structure), understanding incentive plans, an overview of discretionary vs. legally required benefits, and contemporary compensation challenges.
In addition, students will learn to:
- Examine and assess employee total rewards systems.
- Develop, implement or enhance an employee compensation systems to meet strategic business requirements and the needs of the unique workforce.
- Evaluate the costs of a compensation system, perform a competitive market analysis, and develop a pay program (both base pay and incentive pay) that aligns with the organization’s culture and ensures legal compliance.