A fundamental component of reward management and HR is a grade and basic salary structure, and these are often taken for granted. Rather than make changes, HR and reward professionals try to fit the ever-changing needs of their employees into a system that may not have been reviewed for many years.
This course will provide you with the information and guidance to ensure your salary and grading structure meets your business needs, while allowing the company to attract and retain employees in an increasingly competitive pay market. This course is aimed at both HR Generalists and Reward Specialists to help you review and revise your grading structure and salary structure to fit the ever-changing needs of your employees into a system that may not have been reviewed for many years.
Most employers want to ensure that they can “attract, retain and motivate” the best employees and teams, and this three-day course will cover the key areas in the overall compensation and benefits package that enable employers to adopt best-practices and compete more effectively in the war for talent whilst achieving cost-effectiveness for the employer.
You will be provided with the information you need to make changes to your grading and salary structure. You will have an opportunity to test various ideas and to establish what may work for you. You will also be given access to various tools and techniques, as well as information on the latest trends and developments both in Asia and globally. This course will involve working both individually in teams on practical case studies to gain detailed hands-on experience using the various tools and techniques that will be discussed throughout the course.
This course is designed for companies from all countries in Asia will and include the following case studies designed around best-practice companies based in Asia:
- Determining a reward policy as part of the HR strategy and business mission and vision
- Establishing a reward strategy linked to business strategy
- Designing and selecting the most appropriate grading/salary structure
- The debate of single bands versus broad-banding
- The business benefits of single bands versus broad banding in managing jobs and grades
- Establishing pay ranges that are externally competitive with market pay surveys
- Designing the basic salary structure midpoints and payscales and pay ranges
- Designing the basic salary structure and payscales and progression management
- Managing base salary progression and management of compa-ratios
- Managing the overall mix of the total reward package between salary and benefits and bonuses
- Using recognition programmes to motivate both Baby-Boomers and Millennials
- Using retention schemes and recognition plans as a strategic component of reward management
Key Benefits of Attending
Who Should Attend?
This course is designed for everyone who requires an in-depth knowledge of working with and managing salary structures and compensation and reward issues, including all professionals and HR Generalists who work in HR at all career levels, and all C&B Specialists who work in Compensation and Benefits.
- The golden triangle of Reward Management (jobs, people and performance, and pay markets)
- Why is compensation and reward management important?
- The role of grading and salary structures in compensation and reward
- How grading and salary structures have developed in Asia and Globally
Key Components of Pay Market Benchmarking and Compensation Design
- The four necessary ingredients for successful remuneration design:
- Pay Strategy
- Grade Structure
- Market Data
- Number of Months
Ingredient-1 of Pay Strategy
- Understanding the key Definitions, Statistics, and Modern Approaches
- Knowing the key pay components and defining the appropriate pay market
- Selecting the right pay market position and understanding sector pay
- Determining a pay strategy benchmark and reward strategy
- Linking the pay strategy and reward strategy to the HR strategy and business goals
- How to assess if your pay structure is meeting your business objectives
- Managing the balance between employee expectations and ability-to-pay
Ingredient-2 of Grade Structure
- The role of job evaluation and the main job evaluation systems
- The key job evaluation approaches and methodologies
- The internal role to develop the grading structure
- The external role to enable pay market benchmarking
- Building the grade structure and determining how many grades
- Understanding “single-step” and “double-step” grades
- The pros and cons of broadbanding in different organisational cultures
- The new trend back towards more grades to both manage costs and improve employee careers
- The future trend of “agility”