Training Program - Managerial Compensation - August 2010 - Pune

Training Program - Managerial Compensation - August 2010 - Pune

 

About The Event

Training Program - Managerial Compensation - August 2010 - Pune

Context: Compensation management is less about increasing the salaries. It is more about aligning the people costs with strategy, performance and environment. The compensation system needs to account for changes in the people & business environment. At the same time the system needs to be stable enough to give a sense of continuity to the employees. Compensation managers thus need to revisit the fundamentals of compensation & apply them to the specific context of their organizations. This becomes very relevant in todays tough times wherein it is necessary to intelligently rationalize the people costs rather than going for across the board cuts. The compensation manager needs to design a compensation system, which is internally consistent & externally relevant. This program is an attempt to help the participants to build a perspective on compensation & develop some practical insights into the process. It will also provide tools which can be applied in the specific context by customizing them.

Objectives: At the end of the program the participants will be able to apply the compensation management principles with a view to

1)Effectively convey the requirements to C&B consultants and interpret the survey results 

2)Align the compensation philosophy & strategy with organizational strategy & business environment

3)Rationalize the salaries to make them internally consistent 

4)Critique the existing performance linked pay system &/or outline a new one including special issues of service functions like HR, Finance etc.

5)Redesign the salary structure to reflect the trends in the employment market

Methodology Lecture, examples, group discussion, cases Contents

1)The changing context & future of compensation management 

2)Deciding compensation philosophy & strategy in line with the macro & micro realities

3)Process of survey & benchmarking 

4)Compensation structuring – new options Approach to salary rationalization 

5)Elements of compensation including options like broad banding, cafeteria approach 

6)Types of variable compensation & choice of appropriate modality 

7)Types of benefits & perquisites & methods for designing & delivering them 

8)Linking variable compensation with PMS

 

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