Fundamentals of Compensation Strategies

Overview

Class Central Tips

The Fundamentals of Compensation Strategies introduces you to the key element of total rewards: compensation. In this course, you’ll gain greater awareness of the different types of compensation and how the value of each type may vary depending on the organization and employee’s needs. You’ll look at regulatory topics that impact the compensation field and factors that promote fairness, transparency, and accountability. In the latter half of the course, you’ll look at designing a compensation strategy and the role the Compensation and Benefits Analyst plays in administering and managing to strategy elements.

Syllabus

Module 1: Introduction to Compensation and Regulatory Topics

In this module of the compensation section of your program, you’ll explore fundamental compensation concepts. You’ll start with the different types of direct compensation and the points in time when employees are likely to experience changes in those compensation areas. Then, you’ll learn about regulations that influence compensation and compensation strategies, including a closer look at the Fair Labor Standards Act, definitions of exempt and non-exempt and how it impacts base compensation. Finally, after a closer look at both variable and equity compensation, you’ll consider the importance of staying current on compensation regulations and trends.

Module 2: Developing Compensation Strategies

Now that you’re familiar with elements of compensation and related regulations, you’ll start to explore how these elements come together to create and support the compensation area of an organization’s total rewards strategy. You’ll begin by looking at common approach to creating the strategy, starting with defining the organization’s compensation philosophy. From there, you’ll touch on compensation-specific data sources and considerations, as well as common issues you may find in analyzing that data.

Module 3: Administering, Communicating, and Evaluating Comp Strategies

In this module of this course, you’ll turn your attention to some of the key responsibilities for a Compensation and Benefits Analyst: administering, communicating, and evaluating your organization’s compensation strategy and programs.