How do you pay your staff appropriately, as well as motivate and retain them while not “giving away the store” or causing potential legal issues? How do you set up a base compensation plan for your company? Explore methods to properly pay your employees in a cost-effective, competitive, equitable and legal manner. Examine compensation philosophy, strategy and current practices including legal issues, base pay plans, incentive and sales compensation, and executive pay issues. Strategize establishment of a base compensation plan for your company. 

Session 1 Topics 

• Recognize and understand what makes up total compensation and explore current compensation practices and strategies affecting compensation 
• Introduction to compensation practices and terms 
• Insight into current issues and practices 
• Explore current legal trends and executive pay issues 

Session 2 Topics 

• Identify the major provisions of laws affecting compensation 
• Perceptions of pay and fairness and a company’s responsibility 
• Introduction to legal aspects of compensation 
• FLSA 
• Current legal trends 

Session 2 Assignments 

• Read Chapter 11 

Session 3 Topics 

• Prepare a basic compensation plan and salary structure for an organization 
• Development of basic base pay plan 
• Development of a basic salary structure 
• Understanding pay surveys and where to get accurate information 

Session 3 Assignments 

• Work on team case study 

Session 4 Topics 

• Explain compensation philosophy, strategy, and current practices, including job evaluation, base pay, variable pay, and incentive pay 
• Pay increases 
• Incentives or variable pay 
• Executive compensation 

Session 4 Assignments 

• Read Chapter 12 
• Work on team case study 

Session 5 Topics 

• Describe how to pay people appropriately, motivate, and retain them to become a preferred employer 
• Putting it all together and practicing with case studies 
• Group project and sharing of several different case studies 
• Strategies to communicate compensation 

Session 5 Assignments 

• Present team case study assignment