Compensation 101 for HR Professionals

Compensation 101 for HR Professionals

Compensation plays a significant role in an organization's success. A compensation strategy must be designed well to attract and retain talent. As the single largest expense for most companies, it's imperative to develop the right pay structure and appropriate recognition methods.

This course is for HR Generalists who need to learn basic compensation principles and their application to the business. During this course, you'll learn about developing a compensation strategy, methods for conducting a job analysis, developing job descriptions, and setting up base and variable pay structures. Compensation is one of those topics you must understand to not only drive the success of your business but also build essential skills for a successful career in HR.

For most organizations, compensation is the single largest expense they have. If designed well, compensation plays a significant role in helping an organization attract, motivate, and retain the talent it requires for its business to be successful.

The course is comprised of the following concepts:

1. Strategic Compensation Basics

2. Job Analyses, Job Descriptions, and FLSA Basics

3. Base Pay Basics

4. Variable Pay Basics

5. Putting It All Together

By the end of this course, you should be able to:

• Describe the two categories of compensation

• Discuss with managers and others how compensation plays an important role in driving organizational performance and be able to describe the strategic model for driving organizational performance

• You should also be able to describe the purpose of a compensation philosophy statement and general content

• Describe methods for conducting a job analysis

• Describe the content of a job description and why job descriptions are important

• Discuss the importance of classifying jobs correctly and the general FLSA exemption requirements

• Discuss the components of a pay structure and the types of base pay structures

• Define different types of pay increases

• Discuss with managers and others the pros and cons of merit increases

• Describe the different types of variable pay programs and

• Describe and discuss common performance metrics

Apply these concepts to your business so that you can be more effective within your organization.

Learn basic compensation principles and their business applications

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What you will learn

• Developing a compensation strategy
• Methods for conducting a job analysis
• Developing job descriptions

Rating: 4.4

Level: Beginner Level

Duration: 1 hour

Instructor: HR Jetpack