The reward management programme is concerned with the formulation and implementation of strategies and policies in order to reward people fairly, equitably and consistently in accordance with their value to the organization. It deals with the development of reward strategies and the design, implementation and maintenance of reward systems (reward processes, practices and procedures) which aim to meet the needs of both the organization and its stakeholders. Reward can be regarded as the fundamental expression of the employment relationship.
WHO SHOULD ATTEND?
HR managers and officers who wish to specialize in reward, as a refresher or for those who have a particular problem to address. Newly appointed HR (or reward) officers and assistants who need a fast introduction to the subject such as finance directors and others with overall responsibility for rewards; senior line managers who have responsibilities for a range of staff who need to understand the concepts, processes and procedures in reward management.
HOW PARTICIPANTS WILL BENEFIT
At the end of the course, participants will be able to:-
• Manage rewards and remuneration schemes effectively from understanding where reward fits in the context of HR and business strategy;
• Explain what needs to be considered in developing and managing an effective reward programme;
• Conceptualize how effective reward management can deliver value to the business;
• Apply relevant tools and techniques in their own business and develop effective remuneration strategies.
• Overview of reward management;
• Reward philosophies and strategies;
• Establishing internal equity (job evaluation);
• Determining external equity (wages and salaries surveys);
• Pay structures and grade determination;
• Role of non-cash rewards in motivation;
• Performance related pay;
• Performance management and rewards;
• Executive pay;
• Measuring effectiveness of rewards.