With many markets in the region gearing up for continued post-recession business growth, many employers are facing a challenge of aligning compensation and benefits practices with business strategies, and the challenge of implementing advanced compensation techniques that improve the relationship between compensation and employee performance and business results. Potentially uncontrolled business growth poses a new set of risks and challenges that rewards professionals have to plan and prepare for to avoid the pitfalls of pre-recession practices.
The module on “Advanced Pay Benchmarking and Remuneration Design” (day 1) will provide a detailed understanding of the latest advanced best-practice approaches for designing the total remuneration packages for each grade, and benchmarking the remuneration design against an external pay market strategy and market data. This course will give practical guidance to enable you to design and implement your own plans using advanced excel spreadsheets for building a total remuneration benchmark and achieving better business results through a more effective approach to pay benchmarking and designing compensation plans.
The module on “Pay-for-Performance” (day 2) will provide detailed knowledge of how to equip yourself with the key C&B skills to motivate employees and reward their performance and get a better understanding of the latest best-practice approaches for key compensation and reward practices geared towards pay-for-performance. The module will explain how to manage performance ratings and how to analyse the distribution curve of performance ratings, and if necessary how to use the new approach of “snap-ratio” to manage a forced distribution curve of performance ratings. The module will explain in practical detail how to link pay with performance, especially through the annual pay review process and using merit-pay awards.