Summary

Synopsis

Compensation can be a complex area if you do not fully understand the many considerations involved in developing a comprehensive and competitive plan. Whether you are comparing two employment offers, each with their respective compensation package, or a small or medium business owner trying to attract the best talent through a creative compensation package, this informative tutorial provides tips and hints on what to consider in compensation philosophy, policy, and practice.

Objectives

• List the factors that make up different compensation philosophies, policies, and practices
• Explain the difference between benefits and compensation
• Enumerate the elements that make up many total compensation plans
• Identify five non-cash rewards
• Explain some of the value-add features that can be part of a total compensation package

Outline

• Introduction
• Overview
• Objectives
• Philosophy
• A Foundation
• Cornerstones of Compensation
• Performance and Compensation
• Rewarding Performance
• A Performance Process
• Comparative Compensation
• Fair Play
• Checkpoint I
• Compensation Components and Considerations
• Base Salary
• Incentive Compensation
• The Benefits Umbrella
• Flexible Benefits
• Non-Cash Rewards
• Perfect Perks
• Motivational Rewards
• Lifestyle Benefits
• Career Benefits
• Checkpoint II
• Total Compensation Crossword
• Environment and Values
• Celebrating Team Achievements
• The Intangibles
• Feeling Good by Doing Good
• Stepping-Stones
• The Total Package
• Competitive, Flexible and Fair
• Final Checkpoint