Microlearning: Compensation Fundamentals, Global

Unlock the essentials of compensation

This course provides HR professionals with essential insights into the foundational concepts and activities related to compensation, including information on types of compensation structures, market pricing, pay progression and more.

Learning objectives

Part 1: Lay the foundation

• Learn about the various components of compensation, including base pay, bonuses, and benefits, and how they contribute to employee satisfaction and retention.
• Understand the concept of variable pay, exploring its role in incentivizing performance and aligning employee goals with organizational objectives.
• Examine compensation guidelines and structure, focusing on how they ensure fairness, equity, and transparency in employee remuneration.
• Explore the process of job evaluation, understanding its significance in determining the relative worth of positions within an organization and establishing appropriate pay scales.
• Analyze compensation administration and strategy, highlighting the importance of effective management in optimizing compensation practices to attract and retain top talent.

Part 2: Applying your knowledge

• Discover the essential elements of effective job descriptions and their role in defining roles and responsibilities within an organization.
• Understand various job evaluation approaches and how they help in assessing the relative worth of different positions, ensuring equitable compensation.
• Gain insights into the process of market pricing and its significance in establishing competitive compensation packages.
• Understand how to effectively manage a compensation structure that incorporates both fixed and variable pay elements.
• Learn about the concept of pay progression and pay for performance and their significance in career development, employee retention and how they can drive employee motivation and productivity.