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Training Workshop – Reward Management Workshop

Training Workshop – Reward Management Workshop

Reward Management Workshop

1. AN INTEGRATED APPROACH TO STRATEGIC REWARD MANAGEMENT

  • Guiding principles in strategic reward.
  • A framework for strategic reward management.
  • Aligning reward and organisational cultue
  • The concept of ‘total rewards’.

2. JOB EVALUATION AND ITS ROLE IN REWARD

  • The role of job size in the overall reward equation
  • Overview of different job evaluation systems
  • Critical success factors in the implementation and maintenance of job evaluation
  • Alternative approaches to traditional job evaluation systems.

3. GRADE AND PAY STRUCTURES

  • Different types of grade structures and alignment of this with the organisational structure, culture and human capital strategy.
  • Steps in the development of a pay structure.
  • Use of pay ranges
  • Types of pay ranges and aligning this with reward philosophy.

4. DEVELOPING A PAY POLICY

  • Determining the market
  • Establishing the desired competitive position
  • Comparing current pay levels to the market
  • Projecting the market
  • Calculating, selecting and testing alternatives
EXERCISE – DEVELOPMENT OF A PAY STRUCTURE

5. BASE SALARY MANAGEMENT

  • Principles of managing individual pay within a pay structure
  • Rate of progression through a range
  • Linking base pay to performance
  • The salary review process
  • Salary budgeting

EXERCISE – MANAGING SALARY INCREASES IN RELATION TO PERFORMANCE

6. EFFECTIVE USE OF MARKET REMUNERATION SURVEYS

  • Different types of market surveys
  • Application of key survey data to reward management
  • Maximising the use of surveys as a strategic reward tool

7. COMPETENCY AND SKILLS BASED PAY SYSTEMS

  • The concept of competency based pay as opposed to job based pay
  • Competency based career ladders as a key talent management tool for professionals and specialists
  • Overview of skills based pay systems
  • Pros and cons of skills based pay

8. VARIABLE PAY SCHEMES

  • Overview of variable pay schemes- short term incentives, gain sharing, profit sharing, long term cash incentive schemes, long term share incentive schemes
  • Integrating variable pay into the overall pay mix aligned with the overall pay strategy.

9. REWARD AND TALENT MANAGEMENT

  • The need for a strategic approach to talent management.
  • Reward options in relation to talent management
  • Aligning base and variable pay management with the talent pool criteria and strategy.
CASE STUDY – INTEGRATION OF KEY LEARNING POINTS OF THE WORKSHOP IN RELATION TO STRATEGIC TALENT MANAGEMENT