What Every HR Professional Needs to Know about Total Compensation

Total compensation is typically over two thirds of an organization’s budget, yet compensation practices are seldom reviewed or measured for effectiveness. Employee engagement and other research has clearly identified that having a clear total compensation strategy, appropriate practices and especially effective employee communication are important elements in a portfolio of rewards to attract, retain and engage employees.

Many organizations struggle with compensation related issues, such as how to: achieve internal equity in their pay plans and practices, motivate and reward employees with rising benefit costs and shrinking payroll budgets, and contend with richer competitors for key talent. Most HR departments also do not regularly evaluate important metrics to determine current compensation hot spots and proactively address future external or internal issues.

This presentation will cover the various elements total compensation, key compensation policy and design decisions, and how these can be customized for your organization to achieve your strategic goals and within your budget.

The four total compensation elements (including base salaries, incentives and employee benefits) will described as well as typical benefits programs (health insurance, retirement plans, time off, life and disability insurance)and their usage and impact on employee satisfaction and engagement.

Learn the key issue and decisions you should make to design a total compensation plan, to achieve goals of internal consistency, market competiveness and rewarding desired performance to align employee results with strategic and tactical goals for your organization. The presentation will outline the typical change in pay methods and variable pay options and the advantages and drawbacks of each method, and how to move to or improve pay for performance.

At the end of this session, you should understand the basics of total compensation, how to evaluate the effectiveness of your current practices, and how your organization can better use its resources to attract and retain talent.

This webinar is designed as a refresher for senior HR professionals, as well as an introduction for other HR professionals with limited compensation and benefits experience. This session was modeled on an MBA level compensation course outline— get the overview of key issues in one hour.

• What compensation and benefits elements work together to create the total compensation package
• Key issues and decisions in compensation plan design (to achieve the four main goals)
• Overview of and importance of major employee benefit plans (health insurance, retirement plans, time off, life and disability insurance
• Role and elements of compensation strategy and how to align with organizational strategy and market forces
• How to achieve internal consistency, external competitiveness, and recognize desired employee contribution
• What is pay for performance and how do you achieve it
• Key total compensation analytics and performance indicators every HR department should evaluate

This webinar is designed as a refresher for senior HR professionals, as well as an introduction other HR professionals with limited compensation and benefits experience. This session was modeled on an MBA level compensation course outline—get the overview of key issues in one hour.

		Diana Southall HR Foundations Inc View Profile