Workshop: 3P Compensation, Indonesia

HR professionals will gain the skills needed to manage compensation with the 3P approach.

Details

This workshop will provide participants with an understanding of Mercer’s approach to managing compensation, specifically the 3P concept. This course will describe how to develop a total rewards strategy that aligns with an organization’s needs by considering the principles and applications of pay for position, pay for person, and pay for performance. It will explore basic compensation management constructs such as job evaluations, job grading, salary structure design and application, market pay rates, pay premiums, and types of variable pay in terms of driving performance.

Please note that the workshop will be conducted with a minimum of 10 participants. If the minimum number is not met, the workshop will be rescheduled to a later date.

What you will learn:

3P Introduction: Learn about the introduction of 3P compensation management concepts and how to determine the appropriate proportion of pay for position, person, and performance given the business context.
Developing a Total Reward & Compensation Strategy: Understand the overall journey in creating a rewards strategy that is relevant while balancing the perspectives of employers, employees, the market, and costs.
Pay for Position – Job Evaluation & Grading Development: Introduce methodologies to measure job complexity and develop a grading structure, along with its implications for managing pay.
Pay for Position – Assessing Market Competitiveness and Internal Equity: Gain insights into compensation terminology when reviewing market data and understand the importance of managing internal equity within the company.
Pay for Person – Competencies, Market Worth, Position in Range: Understand how different levels of competencies can link to pay and how "hot skills" in the market can influence compensation.
Pay for Performance – Variable Pay: Get an overview of the typical types of variable pay as an approach to rewarding performance.
Pay for Performance – Long-Term Incentive: Receive an overview of available long-term incentive plans as a method to reward long-term performance.
Group Exercise: Enable participants to implement some of the principles learned during the training. This will be an excellent session where participants can analyze job and compensation data.

Agenda:

8.30 – 9.00 Registration
9.00 – 9.15 Introduction
9.15 – 9.35 3P Introduction
9.35 – 10.30 Developing a Total Reward & Compensation Strategy
10.30 – 10.45 Break
10.45 – 12.00 Pay for Position – Job Evaluation & Grading Development
12.00 – 13.00 Lunch
13.00 – 13.45 Group Exercise (Case Study)
13.45 – 14.30 Pay for Position – Assessing Market Competitiveness and Internal Equity
14.30 – 15.25 Pay for Person – Competencies, Market Worth, Position in Range
15.25 – 15.40 Break
15.40 – 16.15 Pay for Performance – Variable Pay
16.15 – 16.30 Pay for Performance – Long Term Incentive
16.30 – 17.15 Group Exercise (Case Study)
17.15 – 17.30 Q&A + Closing