MGT6176
Compensation & Benefits Management
The course focuses on total compensation systems in organizations. Financial considerations emphasized include labor market dynamics, organizational policies, job analysis, job evaluation, incentive systems, and performance management. The psychological and benefits aspects of pay systems are also examined in depth. The course will also discuss the total compensation systems to include benefits and how they increase retention.
UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:
- Instituting job analysis and the development of job descriptions.
- Identifying the three basic philosophical approaches to compensation and benefits.
- Distinguishing the various intrinsic and extrinsic basis of compensation and benefits
- Critiquing the four basic methods of job evaluation.
- Rating benchmark and non-benchmark jobs.
- Designing a compensation and benefits structure.
- Discussing the dynamics of equality and fairness in compensation and benefits systems.
- Projecting a firm’s need for competitive wages within an industry and a community.
- Separating the issues of pay and performance and the adjusting for the limitations of a pay-for-performance philosophy.
- Evaluating the potential and the impact of gain sharing and profit sharing incentive pay systems.
- Exploring the dynamic history and nature of executive compensation.
- Distinguishing the various levels of compensation in an organization and the rationales for their existence.
- Determining the origins of legally required benefits as well as other federal and state legislation on the management of a compensation and benefits system.
- Exploring the purposes and implementation of the variety of legally required benefits at both the federal and state levels on the compensation system.
- Establishing the budgeting, administration, and management requirements for effective compensation systems.
- Applying critical evaluation when implementing new compensation and benefits programs.
- Reviewing solutions to potential obstacles when implementing new programs and successfully implementing the program.
- Designing and leading a new compensation and benefits program for an organization that aligns with the strategic plan.
- Discussing the new state pay transparency laws and how that could impact employers.