Basic Compensation Concepts

Day 1

1. Total Compensation
1. What's Included
2. Total Rewards
1. What's included
2. Developing a Total Rewards Strategy
3. Compensation Management
1. Compensation Philosophy and Policy
2. Job Analysis
3. Market Pricing
4. Job Evaluation
5. Salary Structure
6. Pay Administration
7. Tying Pay to Performance

Day 2

4. Variable Pay
   1. Definition
   2. Plan Design Elements and Issues

5. Performance Management
1. History of Performance Appraisal
2. Performance Planning
3. Communicating Expectations for Performance
4. Rating Performance
5. Reinventing Performance Management
6. What Works Best
6. Competencies 
   1. Strategic Competencies
   2. Process Competencies
   3. Individual Competencies

7. The Legal Environment
1. Applicable Laws and Legal Intent
2. Fair Labor Standards Act: Child Labor Law
3. FLSA Minimum Wage Law
4. FLSA Overtime Pay Law
5. FLSA Exemptions
6. Recordkeeping Requirements
7. Equal Pay Provisions
8. Executive Compensation
1. Common Elements of Executive Compensation Plans
2. Analytical Issues
9. Case Study
   In the case study, attendees will review and analyze a company profile and develop a salary structure for an organization using data sheets, average market rates by position, and salary structure design principles and parameters.