REWARD STRATEGY

• Relationship of HR with business strategy
• What is meant by a reward strategy?
• Performance Related Pay
• Competence Related Pay
• Skill Based Pay
• Team Pay
• Broad banding
• Salary & Benefit Benchmarking
• Conducting effective Salary & Benefit Benchmarking exercises for organizations
• Recognized salary surveys and other data sources, including bespoke surveys.
• Process of how to carry out effective benchmarking exercises

Pay & Reward Review

• Reviewing how effective an organization’s current pay and reward systems
• How they compare with the organization’s competitors and the general market. Are they fair?
• Are they being operated consistently? Are they subjecting the organization to any risks? E.g. Equal Pay Claim? Are they competitive?
• Advantages and disadvantages of each.

Pay Structures / Salary Structures

• What are Pay Structures or Salary Structures?
• Their relative internal value, as established by job evaluation
• External relativities, via market rate surveys
• Where appropriate, negotiated rates for the job
• What are the main characteristics of Pay Structures?
• Indicate rates of pay for different jobs
• Provide scope for pay progression via performance, competence, contribution, skill or service
• Contain pay ranges for jobs grouped into grades, individual jobs or job families.
• Why do organizations need pay structures?
• Establish a logically-designed framework within which equitable, fair and consistent reward policies can be implemented
• Determine levels of pay for jobs and people
• Basis for the effective management of relativities
• Help monitor and control the implementation of pay practices
• Communicate the pay opportunities available to employees.

Graded structures Broadband

• Job Family Structures
• JOB EVALUATION SCHEME
• What is Job Evaluation?
• Equal Pay for Equal Value – the Legal Position
• Types of Job Evaluation Schemes
• Analytical Schemes
• Points Rating
• Factor Comparison
• Types of Non-Analytical Schemes
• Job Ranking
• Paired Comparisons
• Internal Benchmarking or Job Matching
• Job Classification

Performance Management-Part 2

• PERFORMANCE PAY SYSTEM - CONTRIBUTION PAY
• Choosing a Performance Pay System
• Principle : Pay Increase or Actual Salary is Reward
• Principle : Performance Pay or Contribution Pay
• Principle : Behavioral Competencies Options for competencies
• PERFORMANCE RATINGS
• Under performing
• Achieving most
• Achieving all
• Exceeding
• Outstanding 
• PERFORMANCE MANAGEMENT DEVELOPMENT & RATINGS
• New - New to the role and at the beginning of their development
• Developing – Progressing in the role but not yet fully competent
• Fully Competent – Fully developed and meeting all requirements
• Advancing – Developed beyond requirements of the role
• Expert – Demonstrates mastery of the role
• Objective assessment:
• Principle: Enforced or non-enforced distribution of ratings
• Principle: Budget Allocation
• Principle: Degree of devolvement of pay decisions to Managers
• Principle: Other factors to include
• Internal transfer and promotions guidelines
• Six Month Reviews
• Mid-Year Reviews
• Non-consolidated Awards
• BONUS SCHEME OPTIONS
• Feature 1 Operating level
• Feature 2 Factors
• Productivity and output
• Quality
• Safety
• Cost Management
• Financial performance/profits
• Sales
• Customer Service/satisfaction
• Attendance
• HR-Related measures
• Project Work Targets
• Team working
• Individual Performance
• Feature 3 Distribution of the Bonus Pool
• Feature 4 Frequency of Payments
• Feature 5 Hurdles

INCENTIVE AND RECOGNITION SCHEMES

• Why introduce a Recognition Scheme? Something to remember Open to all
• Day 5-Case Studies
• Pay & Reward Design
• Compensation and Benefit         
• Hay Group PayNet. Overview
• Survey Methodology and Statistical Definitions
• Internal Equity
• Benchmarking Pay / External Competitiveness
• Cost Impact Analysis

Compensation and Benefits analysts and HR Professionals Payroll Manager who want to know about the functionality?