Total Reward Strategy provides a firm the opportunity of: Improving
employee commitment and engagement; Improving employee retention; and Reinforcing organizational values and culture.
By enhancing employee motivation, contribution and performance, the Total Reward approach will lead ultimately to improved service delivery and better overall organizational performance.
Total Reward comprises both tangible and intangible benefits. This therefore offers a methodology for assessing current organizational practice, pointers for action across all elements of total reward, and for combining and communicating all these aspects.
The workshop will help you implement and maintain a robust reward management system that supports your strategic organisational objectives.
It also provides the basic know-how methodologies and other concepts to analyse, design and implement pay structures; and discusses real-life situations surrounding the sensitive issue of pay.
BENEFITS TO YOU:
After attending this workshop, you are able to:
Understand components of a pay structure: salary as part of total remuneration, grading options, pay ranges, pay progression mechanisms, other features, and traditional pay versus new pay analyse pay practice: scattergrams, lines of best fit, compa ratios, survey information and pay market comparison execute policy setting and costing: putting numbers to a policy and determining the cost of the policy review pay: distributing pay, performance-related pay, pay matrices budget controls.
WHO SHOULD ATTEND?
You cannot afford to miss this session if you are a HR professional, generalist and reward specialist, Payroll Administrator, Accountant, Internal Auditor/Control, Manager and General Manager, Branch Managers , MD/CEOs of MSMEs
DURATION: Two (2) Days
1. AN INTEGRATED APPROACH TO STRATEGIC REWARD MANAGEMENT
Guiding principles in strategic reward.
A framework for strategic reward management.
Aligning reward and organisational culture
The concept of total rewards.
2. JOB EVALUATION AND ITS ROLE IN REWARD
The role of job size in the overall reward equation
Overview of different job evaluation systems
Critical success factors in the implementation and maintenance of job evaluation
Alternative approaches to traditional job evaluation systems.
3. GRADE AND PAY STRUCTURES
Different types of grade structures and alignment of this with the
organisational structure, culture and human capital strategy.
Steps in the development of a pay structure.
Use of pay ranges
Types of pay ranges and aligning this with reward philosophy.
4. DEVELOPING A PAY POLICY
Determining the market
Establishing the desired competitive position
Comparing current pay levels to the market
Projecting the market
Calculating, selecting and testing alternatives
EXERCISE DEVELOPMENT OF A PAY STRUCTURE
5. BASE SALARY MANAGEMENT
Principles of managing individual pay within a pay structure
Rate of progression through a range
Linking base pay to performance
The salary review process
EXERCISE MANAGING SALARY INCREASES IN RELATION TO PERFORMANCE
6. EFFECTIVE USE OF MARKET REMUNERATION SURVEYS
Different types of market surveys
Application of key survey data to reward management
Maximising the use of surveys as a strategic reward tool
7. COMPETENCY AND SKILLS BASED PAY SYSTEMS
The concept of competency based pay as opposed to job based pay
Competency based career ladders as a key talent management tool for
professionals and specialists
Overview of skills based pay systems
Pros and cons of skills based pay
8. VARIABLE PAY SCHEMES
Overview of variable pay schemes- short term incentives, gain sharing,
profit sharing, long term cash incentive schemes, long term share incentive
Integrating variable pay into the overall pay mix aligned with the overall
9. REWARD AND TALENT MANAGEMENT
The need for a strategic approach to talent management.
Reward options in relation to talent management
Aligning base and variable pay management with the talent pool criteria and strategy.