Course Description-
Vskills Certification in Compensation and benefits assesses the candidate on the principal need of the organization which is establishing and maintaining a pay system which is fair to all. The certification tests the candidates in various areas which include methods to ensure fair and equitable pay, conducting surveys to compare their compensation systems with other companies and ensuring that the firm’s pay scale complies with changing laws and regulations. An important part of the Compensation and benefits manager’s role is performance evaluation. This area also forms the part of the assessment.
Curriculum
1. Introduction
1.1 Objectives of compensation management
1.2 Principles of compensation formulation
1.3 Types of wages and wage policies
1.4 Procedure and practices for wage determination
1.5 Compensation decisions
1.6 Compensation benchmarking
1.7 Compensation trends and practices in India
2. Economic Theories
2.1 Economic theories in compensation management
2.2 Employee compensation valuation
2.3 ESOPs and its pricing
2.4 Equity in employee benefits
2.5 Labour Markets and Trade Unions
3. Job design
3.1 Job Design
3.2 Job Analysis
3.3 Job Description
3.4 Job Evaluation and Assessment
3.5 Work Measurement
3.6 Management and Ergonomics
4. Performance-based compensation
4.1 Performance Management System (PMS)
4.2 Objectives and indicator of performance
4.3 Developing performance standards
4.4 Performance modeling techniques
4.5 Performance dimensions and performance observation scales
4.6 Competency-based pay
5. Team-based compensation
5.1 Employee evaluation system
5.2 Group incentive plans
5.3 Gain-sharing plan
5.4 Designing team-based compensation
5.5 Issue in rewarding teams
6. Executive Compensation
6.1 Theories and practices of executive compensation
6.2 Components and design of executive compensation
6.3 Factors affecting executive compensation
6.4 Executive compensation criteria
6.5 Techniques of performance measurement
6.6 Organizational strategies
7. Employee Motivation and benefits
7.1 Motivation and morale
7.2 Theories of employee motivation
7.3 Objectives of employee motivation
7.4 Types of employee benefits
7.5 Tax obligations
7.6 Statutory employee benefits in India
7.7 Employee benefits alternatives
7.8 Non-monetary benefits
7.9 Deferred compensation plan
8. Sales Compensation
8.1 Sales functions
8.2 Sales compensation plans and issues
8.3 Sales compensation design and administration
8.4 Sales incentives and motivation
9. Legal issues
9.1 Compensation and Income Tax Act, 1961
9.2 Tax implications
9.3 Wage fixation and legal interpretation
10. Quantitative Tools for Compensation Management
10.1 Variable Compensation plans
10.2 Retirement plans
10.3 Payroll management
10.4 Incentive determination and employee benefits
10.5 Group incentive payments
10.6 Overtime wages
10.7 Economic Value Added (EVA)
10.8 Quantitative analysis
11. International Compensation Management
11.1 Approaches to international compensation
11.2 Components of international compensation
11.3 Designing international compensation plans
11.4 Concept of variation
11.5 Cultural issues
11.6 Repatriation issues
How to Access:-
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