Compensation Strategy Essentials

Beyond base pay, many employers find it challenging to determine how to compensate their employees to maximize performance and retention. This training session teaches managers or those responsible for this HR function how to effectively determine base pay as well as the other considerations that need to be taken into account when creating an effective compensation strategy for your team.

Instructional Objectives:

The following topics will be covered:
  • The key components of an effective compensation strategy;
  • How compensation impacts your company’s culture;
  • Non-compensation-related considerations which influence how to compensate staff;
  • The effectiveness of perks and incentives;
  • How to determine base pay; and
  • The compensation strategy pitfalls small businesses must avoid to optimize performance and retention of their employees.

Measurable Learning Outcomes:

By the end of this course participants will:
  • Have a solid understanding of the key pitfalls to avoid when designing their compensation strategy;
  • Understand how to effectively research base salaries for a variety of positions;
  • Have enough knowledge to fine-tune or begin designing the compensation strategy for their employees.

Assessement Methods:

Our instructors are continuously assessing the student’s comprehension and ability to apply their learning through assignments, case studies, and interactive classroom activities that check for understanding. This is crucial in today’s fast-paced business environment as each new skill participants not only learn, but are able to apply in the workplace will have a huge positive impact on the business’s ability to thrive. Unlike structured public courses at colleges and universities that provide more general knowledge and must follow a rigid timeline, our on-site group training format allows our instructors to take the time to ensure that participants are able to take the skills and knowledge they gain in class and apply it to their unique situation to get the results they want in their work and business. We assess the student’s learning and progress using the following methods:

  • Application assignments for in between each training session to apply what was learned in their role in the business. (These assignments are sent in to the instructor in between each session so that the instructor can review them and provide further feedback if the student has not completed the assignment correctly.)
  • Interactive exercises, questions and discussion during the training sessions to ensure that the student understands how to apply the concepts in their role and/or business.
  • Student self-evaluation of their learning at the beginning and end of the program. (This is a brief 5 minute paper survey that the student takes at the beginning and end of each module to provide them with a measure of the knowledge they have gained from the training).
  • (Note: Our instructors are always available via phone and e-mail in-between training sessions should students need assistance with their assignments. This ensures that students are able to complete assignments and be fully prepared to build on their learning in the next session.)

This program builds competencies in the following areas:

Duration: 8 Hours

Format: Group Training