- Explain the legal framework and requirements of compensation, benefits, including life and health insurance
- Demonstrate how to establish pay structures
- Describe three things to consider when identifying external competitiveness in compensation and benefits
- Demonstrate how to build incentive plans and performance management systems
- Identify and explain two methods of executive compensation
- Explain and demonstrate how to approach internal compensation
- Demonstrate how to build a competitive strategy and total compensation strategy
Skill Level Beginner
- Whether you're an employee or an employer, pay is a serious issue. As an employer, you want to make sure that you can defend every decision you make. And the main concern of your employees is that they're being paid fairly for what they contribute. My name is Wayne Cascio. I'm a professor in the business school at the University of Colorado, Denver. I've been writing, teaching, and consulting about compensation and benefits for decades. In this course, I'm going to show you how to take a strategic approach to total rewards.
Many of these topics are affected by federal, state, and local governments, so you'll need to consult an attorney to make sure you're in compliance. We'll review job-based and person-based pay structures. We'll talk about external competitiveness, the choices you make about pay levels, the mix of pay forms, and how pay surveys should drive the decisions you make about compensation. We'll discuss the issues surrounding pay for performance, and how to establish an effective performance review process.
And we'll examine employee benefits, including legally required benefits, life and health insurance, retirement, and time off. There's a lot to know, so let's dive in.