Attraction,
motivation, engagement and retention are key issues facing human resources
professionals. Successfully addressing these issues begins with an
understanding of the Total Rewards model and the five elements within the Total
Rewards strategy.
This course
teaches you what is required to formulate a total rewards program. You will
learn the components of the total rewards model and the critical role of the
main drivers: organizational culture, business strategy and HR strategy. Total Rewards
Management emphasizes the six elements of total rewards: compensation,
benefits, well-being effectiveness, development, and recognition.
Course
Objectives:
- Gain an understanding of total rewards management.
- Discover the key elements of total rewards.
- Understand the critical role of the main drivers of a total
rewards program.
- Learn the process of designing a successful total rewards
strategy.
Course Outline
MODULE 1
Introduction
to Total Rewards
- The Evolution of Rewards
- The Total Rewards Model
- Drivers of Total Rewards Strategy
- Internal Influences
- Organizational Culture
- External Influences
- Elements of Total Rewards Strategy
- The Total Rewards Approach
- Module Quiz
MODULE 2
Compensation
- Compensation
- Factors Influencing Compensation
- Base Pay
- Base Pay Structure Design
- Base Pay Structure
- Premium Pay
- Variable Pay
- Module Quiz
MODULE 3
Benefits
- Benefits
- Factors Influencing Benefits
- Major U.S. Benefits Laws
- Income Protection Programs
- Common Health Care Benefits
- Welfare Benefits
- Paid Time Off Programs
- Module Quiz
MODULE 4
Well-being Effectiveness
- Workplace Well-being
- Well-being Effectiveness
- Well-being Portfolio
- Module Quiz
MODULE 5
Development
- Development
- Development Opportunities
- Performance Management Programs
- Pay for Performance
- Principles of Merit Pay Programs
- The Base Pay Investment
- Module Quiz
MODULE 6
Recognition
- Recognition
- The Value of Recognition Programs
- Using Recognition to Drive Results
- Recognition Plan Types
- Recognition Programs
- Module Quiz
MODULE 7
Total Rewards
- Putting It All Together
- Revisiting the Total Rewards Model
- The Total Rewards Design Process
- Total Rewards Design Considerations
- Communicating the Value of a Total Rewards Package
- Module Quiz