Compensation & Benefits Planning

 

 
 
CHRMP Team · July 9, 2020

What You’ll Learn From C & B Planning

As a student, you’ll get a few great benefits from being here:

  • Balance the various equities impacting compensation planning.
  • Formulate strategies for reducing compensation turnover.
  • Understand pay structures and salary plans that are consistent with the organization’s goals.
  • Analyze the latest trends in compensation to gauge alignment with the work environment.
  • Understand how salary structures are aligned with Jobs to create Pay Parity.
  • Analyze how Competency influences compensation structures.

Here is what we will focus on during this module 

  • Introduction to C&B planning
  • Designing compensation plans
  • Factors affecting C&B planning
  • Internal equity
  • External equity
  • Individual equity
  • Salary slabs
  • Pay Parity
  • Median
  • Flexible structures
  • Survey studies
  • Salary trends
  • Emerging trends
  • Optimization of compensation
  • Reduction of compensation turnover-case study
  • Strategies for reducing compensation turnover
  • Point plan method

About Instructor

CHRMP Team

45 Courses

+1045 enrolled
Not Enrolled

Course Includes

  • 28 Lessons
  • 4 Quizzes

Responses

  1. In the Reducing Compensation Turnover part, the slide where the accumulative factor score of Senior HR Manager comes down to 630, would have the same grade(8) and position as the Senior Manager/Project Manager depending on the score range(621-704), right? Would the HR get a similar salary as them?(as shown in the Assigning Salary slide) Does that mean that depending on the factor score one gets and under which score range he/she falls, one would fall under the same grade and position as other designations? Would their salary be similar like the other designations? What if the factor score of Supervisor totals 630? Would he have the same grade/position and similar salary Iike Senior Manager? Or does the company make the level scores according to the designations?
    If I am making sense of the question. Please answer.

    1. Hi Madhusmita, first their are grades and accordingly the factor score! And then finally the salary. If salary is similar, we can conclude that maybe the person has either same level in hierarchy or one of the depending factor is too good – skills, supervision, or any other. Only then can it total to a similar number. He is a supervisor so he can have salary as a Sr Manager if one of the other factors are helping it to rise to that level. Hope that helps!