The primary objective of this course is to provide an understanding of the process, theories, techniques, and practices involved in developing and administering a compensation system. The course enables students to gain knowledge of (a) the theoretical and applied aspects of the compensation function, (b) the linkage between the compensation function and the organizational management process, (c) the alignment of compensation policies and techniques to strategic objectives, and (d) the compensation system design necessary to attract, retain, and motivate the workforce.
Topics covered include: the impact of the organization's strategic direction on the compensation function; compensation legislation and social trends; techniques for establishing internal alignment; job analysis and job evaluation methods; job and person-based structures; factors shaping external competitiveness; designing pay levels, mix, and pay structures; motivational theories supporting the link between compensation and behaviour; individual and team-based incentive plans; employee benefit programs including legally required and discretionary benefits; conducting pay and benefit surveys; testing cost against objectives and market; administering the compensation program; professional and executive benefit packages; and payroll administration. Contemporary compensation practices in business will be studied. Successful completion of this course, with a minimum final grade of 65%, will qualify as an approved credit towards the academic component of the Certified Human Resources Professional designation (CHRP), a designation granted by the Human Resources Professionals Association (HRPA). Please visit www.hrpa.ca for full details..