At the end of this session, participants will be able to:
- Present the concept of total rewards and compensation as an element of the TR model.
- Identify pros and cons along with different methodologies for job grading
- Determine internal job value using job evaluation criteria
- Design salary ranges using market data to develop a hierarchical grade structure
- Assign job level based on internal and external evaluation
- Identify compensation philosophies that align with variable pay
- Define variable pay and how it is effectively applied
- Differentiate bonus from incentive plans and payouts
- Create a variable pay plan for a specific job group
- Brainstorm alternative compensation approaches that recognize achievement
- Apply legal and ethical considerations when designing variable pay programs
- Develop an on-the-job Action Plan