HR Manager — Compensation & Benefits
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What you'll learn:
Setting the Foundation - **Description:** This day will provide a foundational understanding of Compensation & Benefits (C&B). You'll learn the core concepts, the purpose of C&B, and its importance in attracting, retaining, and motivating employees. We'll cover key terminology and the different components that make up a total rewards package. - **Specific Resources or Activities:** - Read an introductory article or blog post on “What is Compensation & Benefits?” (e.g., SHRM, Indeed, or similar HR resources). - Watch a short video explaining the basics of C&B. - Create a glossary of key terms: Salary, Wages, Benefits, Total Rewards, Direct Compensation, Indirect Compensation, Equity, etc. - **Expected Outcomes:** Understand the definition and purpose of C&B. Be familiar with core terminology. Identify the primary goals of a compensation and benefits program.
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What you'll learn:
Understanding Pay Structures - **Description:** Dive into the world of compensation, focusing on how organizations determine employee pay. You'll learn about job evaluation, pay grades, salary ranges, and market pricing. We will also discuss different compensation philosophies (e.g., pay-for-performance, market-based pay). - **Specific Resources or Activities:** - Read articles or online resources on job evaluation methods (e.g., point-factor system). - Study example pay grade structures and salary ranges (seek examples online or from open-source HR templates). - Learn about different pay philosophies and their advantages/disadvantages. - Do a basic exercise: Create a hypothetical pay range based on a job description and market data (using provided, simple data). - **Expected Outcomes:** Understand the process of job evaluation. Know how pay grades and salary ranges are structured. Grasp the different approaches to setting pay levels.
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What you'll learn:
Healthcare, Retirement, and Beyond - **Description:** Explore the various types of employee benefits. Focus on the core benefits like healthcare (medical, dental, vision), retirement plans (401k, pension), and paid time off (vacation, sick leave, holidays). Learn about the legal requirements and common benefit offerings. - **Specific Resources or Activities:** - Read articles on different types of health insurance plans (HMO, PPO, etc.) and retirement plans. - Explore the benefits offered by a few well-known companies (e.g., Google, Apple) – look for their public information about benefits. - Learn about the legal requirements for benefits in your local region (e.g., FMLA, ACA in the US). - **Expected Outcomes:** Identify and understand the core components of a benefits package. Understand the basics of common benefit types. Recognize the role of laws and regulations.
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What you'll learn:
Staying Compliant - **Description:** Learn about the key laws and regulations that govern compensation and benefits. This includes topics such as minimum wage, overtime rules, equal pay, and anti-discrimination laws related to pay and benefits. We'll cover the importance of compliance. - **Specific Resources or Activities:** - Research and study specific laws relevant to your location (e.g., Fair Labor Standards Act (FLSA) in the US). - Explore resources from government agencies that oversee labor laws (e.g., Department of Labor in the US). - Read case studies related to compensation & benefits lawsuits to understand potential liabilities. - **Expected Outcomes:** Understand the legal framework that impacts C&B. Know the key requirements for compliance with key regulations.
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What you'll learn:
Linking Pay to Performance - **Description:** Explore the relationship between performance management and compensation. Learn how performance appraisal systems are used to determine salary increases, bonuses, and other rewards. Understand different performance management approaches. - **Specific Resources or Activities:** - Read about different performance appraisal methods (e.g., 360-degree feedback, rating scales). - Study examples of merit pay programs. - Practice connecting performance ratings to pay decisions in a hypothetical scenario. - **Expected Outcomes:** Understand how compensation is linked to performance. Know different performance management methodologies. Be able to explain the link between performance and pay increases.
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What you'll learn:
Staying Current - **Description:** Explore the latest trends in compensation and benefits. This includes topics such as: remote work benefits, employee wellness programs, flexible benefits, and the use of data analytics in C&B. - **Specific Resources or Activities:** - Research current trends in C&B through industry publications (e.g., HR Executive, WorldatWork). - Analyze a few case studies showing innovative C&B strategies. - Look for blog posts and webinars addressing current topics. - **Expected Outcomes:** Understand the evolving landscape of compensation and benefits. Identify emerging trends.
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What you'll learn:
Planning and Communication - **Description:** Apply the learned knowledge. You will create a basic C&B plan based on a hypothetical company. Learn the importance of communicating the C&B program to employees. - **Specific Resources or Activities:** - Create a basic salary range structure for a few hypothetical job roles. - Draft a simplified employee handbook section outlining the company's benefits. - Research different ways to communicate a compensation and benefits plan to employees. - Learn about the role of HRIS (Human Resource Information Systems) and how they can support C&B management. - **Expected Outcomes:** Synthesize your learning to create a simplified C&B plan. Understand the importance of communication. Have a basic understanding of HRIS systems and their role.
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