The world of work is changing due to four forces: digitization; flexible work designs; the evolved nature of employee expectations and attitudes; and black swan events that require adaptations to work delivery systems. These existential challenges are impacting compensation systems. The era of total rewards management is here to stay.
We will take a wholistic view of total reward systems, looking critically at the compensation systems and how they are impacted by changes in our society and economy.
It is highly recommended that students new to Human Resources begin with "Human Resource Management.” After that, courses may be taken in any order.
At the conclusion of the course, you should be able to
- Describe corporate compensation philosophy and goals
- Recognize what competitors are paying for comparable employees in relevant labor markets to permit the organization to attract and keep competent employees.
- Understand the relationships among job requirements, employee knowledge, skills and abilities, and employer-provided compensation.
- Develop a clear link between work required, performance demonstrated, and pay provided to each employee.
- Develop incentive and indirect compensation programs to recognize achievement of individual, group and organizational objectives, improving the organization’s ability to attract and retain quality employees.
- Link individual rewards to achievement of organizational objectives, corporate performance and total returns to shareholders plans.
- The pay model—from compensation to total rewards
- Motivation theories and the basis of pay decisions
- Strategic perspectives
- The changing nature of work
- Current trends in reward systems
- Pay and the changing workforce
- Review of the evidence
SHRM-CP® or SHRM-SCP® 19.25 PDCs.
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