Strategic Rewards (Classroom & Asynchronous e-learning)
About This Course
The course equips learners with the knowledge and understanding of the ways in which reward professionals plan, implement and evaluate employee reward policies to support strategic organisational goals. Students will acquire both theoretical and practical understanding of the diverse approaches to reward management. At the end of the course students will be able to critically reflect on the strengths and limitations of these approaches in promoting individual and organisational performance. The module examines the foundations for pay and benefits management in modern organisations in the private, public, and non-profit sectors. Specifically, we will look at how these can be integrated into appropriate designs that consider market data, relative value and worth of jobs, as well as individual and team contributions. We will have a special look at employee benefits, sales compensation, and executive pay arrangements. Participants will work directly with data to calculate salary structures, merit increase tables and the ROI of sales compensation plans. We will also analyse the financials behind executive compensation programmes.
What You'll Learn
2. Apply Job Analysis and Job Evaluation in a work setting
3. Design internally consistent reward programmes that recognise labour market and equity
4. Explain advantages and disadvantages of pay for performance / incentive pay and the conditions critical to successful implementation
5. Identify the strategic choices an organization faces in establishing a performance management (PM) system and analyse the process and key components of a PM system
6. Consider the challenges inherent in setting sales, executive and expatriate compensation
Entry Requirements
Working professionals in related industry