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Compensation and Benefits Management Training

By: LCL Coaches Consultants  

Lagos State, Nigeria

26 - 30 Dec, 2022  5 days

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NGN 174,999

Venue: Lagos and Virtual

Compensation plays a critical role in aligning employee behavior with business objectives. Since the industrial age, the four Ms of business management i.e. Man, Material, Machine and Money are said to contribute to the business’s success. Among these, man has been considered to be the most important factor contributing to organizational effectiveness and efficiency.

Training Objective

By the end of this Training, participants will be able to:

  • Develop a clear understanding of reward philosophy and strategy
  • Demonstrate how the component parts of reward strategy fit together
  • Explore issues surrounding the effective management of the human resource
  • Describe why staff are the most expensive resource of the organisation
  • Evaluate new practices that might benefit their organization

Training Contents

Day One

Understanding Benefits

  • Definition and Purpose of Benefits
  • Categories of Benefits
  • Regional Practices
  • Managing an Effective Benefits Program
  • Main Features of a Long Term Benefit Plan

Compensation and Benefits

  • Managing Compensation Overview
  • Philosophy of reward
  • Pay structures and systems
  • Reward strategies and the psychological contract
  • Job grades and Career mapping
  • Job evaluation
  • Pay surveys
  • Compensation Objectives, Components and Factors Affecting Compensation
  • Effective Compensation Management System

Day 2

Compensation and Benefits - in Context

  • Motivation models, money and motivation
  • Performance management and performance related pay
  • Competency frameworks
  • Team rewards
  • Upward and 360 appraisals
  • Contingent pay

Compensation Systems

  • Main Compensation Policies
  • Factors Affecting Pay Levels
  • Paying for Competence

Day 3

  • Compensation Systems (Cont)
  • Basic Salary Structures
  • Salary Structure Design
  • The Right Number of Grades
  • Spread and Progression

Job Analysis and Job Descriptions

  • The Need for Job Descriptions
  • Principal Approaches to Job Analysis
  • Carrying Out the Job Analysis Process
  • The Main Components of a Job Description
  • Job Description Writing – Practical Application

Day 4

Job Evaluation

  • Job Evaluation Defined
  • Job Evaluation Methods
  • The System Explained
  • The Hay System: An Overview
  • Job Evaluation Guidelines
  • Sources of Error
  • Allowances as Part of Total Pay
  • Purpose of Allowances
  • Nature of WorkAllowances
  • Non Nature of Work Allowances
  • Regional Practices

Day 5

Introduction to Compensation Surveys

  • Purpose of Surveys
  • Designing and Carrying Out a Compensation Survey
  • Compensation Survey Reports
Lagos and Virtual Dec 26 - 30 Dec, 2022
NGN 174,999.00
(Convert Currency)

Olusina Lajorin 09026713101, 08033241313

Group discount apply
Olusina Lajorin
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