|What You Will Learn
- The five elements of a total rewards strategy: compensation, benefits, well-being effectiveness, development, and recognition.
- The tools needed to formulate a total rewards program, including understanding the critical role of organizational culture, business strategy, and HR strategy.
- Internal and external influences on total rewards strategy.
- Designing a successful total rewards strategy.
- An introduction to communicating the value of a total rewards package.
|Who Will Benefit from This Course?
No previous knowledge of total reward is needed to take this course.
It is well suited for HR professionals, as well as those specializing in total rewards, remuneration, compensation, benefits, and payroll. Organizational leaders may also benefit by understanding how the total rewards model drives organizational success.
To consistently attract, motivate, engage, and retain valuable employees, it is critical to offer a rewards package that strategically matches the needs of employees and the organization.
Through seven different modules, this multifaceted learning experience provides an excellent overview of total rewards and is perfect for those who are new to the field.
|Introduction to Total Rewards
- The evolution of rewards
- The Total Rewards model
- External Influences
- Drivers of Total Rewards strategy
- Elements of Total Rewards strategy
- The Total Rewards strategy
- The Total Rewards approach
- Factors influencing compensation
- Base pay
- Base pay structure design
- Case Pay Structure
- Differential pay
- Variable pay
- Factors influencing benefits Income protection programs
- Pay for time not worked programs
- The work-life portfolio
- Performance Management
- Pay for Performance
- Principles of merit pay programs
- The base pay investment
- Merit increase guidelines
- Talent development opportunities
- Types of development opportunities
- Measuring effectiveness
- The value of recognition programs
- Using recognition to drive results
- Recognition plan types and programs
Total Rewards —
Putting It All Together
- Revisiting the Total Rewards model
- The Total Rewards design process
- Total Rewards design considerations
- Communicating the value of a Total Rewards package