Remuneration Strategy & Effective Remuneration Management
Course overview:
This entry-level one-day course is designed as an introduction to remuneration strategy and management. Learn what is required to develop, implement and manage an effective remuneration strategy to attract, retain and motivate employees.
Who should attend:
This seminar is designed for HR professionals and People Managers at all levels who want an overview of current remuneration systems and want to know how to link pay to performance.
What you will learn:
Module one: Developing an Effective Remuneration & Reward Strategy
- Why you need a strategy
- Factors to consider in developing your remuneration strategy
- Communicating your strategy
- Linking your remuneration strategy to performance
Module two: Remuneration Management Systems
- Introduction to a range of remuneration management systems – job evaluation, benchmark job matching, pay grades/steps, broadbanding, competency based pay, skills based pay
- Pros and cons of each system
- Choosing the right system(s) for your organisation
Module three: Mastering the Fundamentals – Putting Theory into Practice
- Practical application of remuneration structures and external market data
- Key trends in New Zealand and overseas
- Understanding the terms – Base Salary, Total Fixed and Total Remuneration, Total Rewards
- Linking to the external market
- Calculating and understanding common remuneration statistics
- Valuing benefits as part of the Total Rewards package
Module four: Effective Remuneration Management – Linking Pay to Performance
- Linking your remuneration system to your performance management system
- Managing the salary review process
- Factors influencing pay decisions
- Training and communication – upskilling managers and communicating with employees
These modules are designed to build on each other and to provide you with the toolkit that you need to manage remuneration effectively in your organisation.
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