Description

Students develop an understanding of the different rewards systems available to employers to attract, motivate and retain qualified employees. The topics include impact of rewards on attraction, retention and performance management; strategic framework for compensation; behavioral framework for compensation; components of compensation strategy; formulating rewards and compensation strategies; job evaluation; evaluating the labor market and individuals; designing base pay, performance pay and indirect pay plans; and implementing, managing, evaluating and adapting compensation systems.

Program

MBA

Objectives

• Upon completing this course, students will be able to: • Recognize the impact of rewards on attraction, retention and performance management. • Discuss the impact of the environment, business strategy and workforce on compensation. • Evaluate the relationship of strategic and behavioral theories with compensation design. • Describe the components of compensation strategy. • Evaluate the relationship amongst the components of total rewards. • Formulate a reward and compensation strategy. • Describe the different options and rationale for compensating special groups. • Analyze the content and base pay structure of jobs. • Evaluate the labor market and the individual with regard to compensation. • Design reward and compensation systems with appropriate pay plans. • Describe how to implement, manage, evaluate and adapt a compensation system.