Senior Professional in Human Resources: Compensation Management

Intermediate
  • 15 videos | 1h 21m 52s
  • Includes Assessment
  • Earns a Badge
  • Certification CPE
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It's not all about the money…or is it? In this course, you'll explore the different types of compensation and how to determine how much an individual is paid and by what type of compensation based on the type of work being done. Though HR is not responsible for payroll, they are usually the first line of response, so understanding how payroll works and verifying calculations will be important. This course can be used in preparation for the HR Certification Institute(r) (HRCI(r)) SPHR(r) certification exam.

WHAT YOU WILL LEARN

  • discover the key concepts covered in this course
    define the elements of a total rewards strategy
    define the types of total rewards
    identify the benefits of a total reward statement
    distinguish between direct and indirect compensation programs
    identify the types of base payment methods
    distinguish between the types of wage payment methods
    identify the mandatory differentials payment method
  • identify the types of variable compensation programs
    identify the types of incentive programs paid for based on combined efforts
    define the types of payment variations
    identify the elements of executive compensation
    describe the different types of individual equity compensation programs
    recognize the close interaction between HR and payroll processes
    summarize the key concepts covered in this course

IN THIS COURSE

  • 1m 39s
    After completing this video, you will be able to discover the key concepts covered in this course. FREE ACCESS
  • 6m 40s
    Compensation management is a strategic HR function that significantly impacts businesses. In this video, you’ll learn about the elements of total reward strategy and the benefits of developing a differentiated total reward portfolio. You’ll also learn about intrinsic and extrinsic total rewards motivators and explore some tips to implement them. FREE ACCESS
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    3.  Total Rewards Programs
    6m 27s
    Total rewards is an HR functional area that rewards employees and benefits the administration. In this video, you’ll learn about the basic decisions in building a total rewards package and the factors influencing pay levels. You’ll also learn about the objectives of a pay level policy, and details of external and internal pay structure decision. FREE ACCESS
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    4.  Total Reward Statements
    2m 35s
    The total rewards statement or employee benefit statement summarizes how an organization compensates its employees. In this video, you’ll learn about the importance of communicating total rewards to employees to attract, motivate and retain talent. You’ll also learn about the elements of a sound total rewards statement. FREE ACCESS
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    5.  Compensation Programs
    4m
    Compensation programs establish a way to attract and retain employees and increase the businesses’ ability to achieve strategic goals. In this video, you’ll learn about the six objectives of compensation. You’ll also learn about monetary, nonmonetary, direct, and indirect compensation categories. FREE ACCESS
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    6.  Base Payment Methods
    4m 9s
    Base pay is the initial rate of compensation an employee receives in exchange for services, including extra lump-sum compensation. In this video, you’ll learn about the four types of base pay used by businesses, namely single or flat-rate, performance-based, seniority-based and person-based compensation systems. FREE ACCESS
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    7.  Wage Payment Methods
    4m 38s
    Wage payment methods are the formal wage methods that help generate higher productivity while maintaining quality. In this video, you’ll learn about three types of wage payment methods – piece-rate, time-rate, and incentive wage systems. You’ll also learn about straight and differential piece-rate systems, Halsey premium plan, and the standard hour plan. FREE ACCESS
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    8.  Differential Payment Methods
    8m 20s
    Differential pay is additional compensation employees receive for the factors that make work more difficult or unpleasant. In this video, you’ll learn about private and public sector compensatory time, premium pay, and different types of differential pay. You’ll also learn about portal-to-portal pay, and mileage reimbursement. FREE ACCESS
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    9.  Variable Compensation Programs
    4m
    Variable compensation programs help increase organizational effectiveness by paying beyond expectations and motivating employees to perform better. In this video, you’ll learn about different types of variable pay programs – individual, group and organization-wide. You’ll also learn about cash awards, non-cash incentives, and sales-incentives programs. FREE ACCESS
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    10.  Incentive Programs
    6m
    Incentive is an essential pay component that rewards cooperation when employees work together. In this video, you’ll learn about popular incentive plans such as gainsharing, organizational incentives, discretionary plans, and profit-sharing plans which are used as motivational techniques to inspire employees to work harder. FREE ACCESS
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    11.  Payment Changes
    6m 7s
    Changes to an existing pay structure may cause employees to fall outside pay ranges. In this video, you’ll learn about red and blue circle rates, and wage compression. You’ll also learn about different forms of payment increase such as flat rate and percentage increase, limp-sum increase, merit pay, increase to base pay and cost of living adjustment. FREE ACCESS
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    12.  Executive Compensation
    8m 32s
    Executive compensation packages offer a variety of tax benefits and performance incentives. In this video, you’ll learn about the common types of executive compensation. You’ll also learn about nonqualified deferred compensation plans, outside director pay, and the HR’s role in executive compensation. FREE ACCESS
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    13.  Equity Compensation Programs
    8m 47s
    Equity compensation is a non-cash pay offered to attract high-quality employees by sharing business profits via appreciation. In this video, you’ll learn about five basic kinds of individual equity compensation plans – stock option, restricted stock, phantom stock, stock appreciation right and employee stock purchase plan. FREE ACCESS
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    14.  Payroll Highlights
    8m 34s
    Payroll is the most sensitive process of every business that ensures pay calculation and distribution to every employee. In this video, you’ll learn about payroll calculation, domain responsibilities and software systems. You’ll also learn about the benefits of outsourcing payroll management. FREE ACCESS
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    15.  Course Summary
    1m 26s
    After completing this video, you will be able to summarize the key concepts covered in this course. FREE ACCESS

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