Compensation and benefits management is the process of managing, analysing and determining the salary, incentives, and benefits given by any organization to their employees in exchange of their work. Compensation and benefits management is a key function of human resource management, as it affects the attraction, motivation, and retention of talent, as well as the performance, productivity, and sustainability of the organization. Compensation and benefits management also involves ensuring compliance with the legal and ethical standards and regulations of the industry and the market.
This course will provide you with a comprehensive understanding of the concepts, frameworks, and models of compensation and benefits management. You will learn how to design and implement effective compensation and benefits strategies and plans that align with the organization’s goals and objectives, as well as the needs and expectations of the employees and other stakeholders. You will also learn how to use various tools and platforms that facilitate and enhance compensation and benefits management, such as salary surveys, job evaluation, pay structures, and reward systems.
