Learn how to set up a base compensation plan for your company.
Competencies:
- Identify the major provisions of laws affecting compensation
- Explain compensation philosophy, strategy, and current practices, including job evaluation, base pay, variable pay, and incentive pay
- Describe how to pay people appropriately, motivate and retain them to become a preferred employer
- Prepare a basic compensation play and salary structure for an organization
- Explore current compensation practices and strategies affecting compensation
How do you pay your people appropriately, as well as motivate and retain them while not "giving away the store" or causing potential legal issues? How do you set up a base compensation plan for your company? Explore methods to properly pay your employees in a cost-effective, competitive, equitable, and legal manner. Examine compensation philosophy, strategy, and current practices including legal issues, base pay plans, incentive and sales compensation, and executive pay issues. Strategize establishment of a base compensation plan for your company.
Prerequisites:
