Corporate Training
Blue Ocean offers a wide array of bespoke corporate training solutions for organizations to enable their employees to become specialists in their industry. We offer over 600+ corporate training programs catering to a wide range of industries across government, semi-government and private organizations. The courses are designed to deliver strategic insights and learning for building high potential teams that can drive actionable strategies for their organizations. Our corporate programs are flexible and can be tailored to suit customers’ specific needs, helping teams unleash their maximum potential for organizational benefits.
Compensation and Benefits Management
Course Objectives
- Define what is Compensation and benefits?
- Explain the importance of Compensation and benefits to attract and retain the right talent
- Understand the components of Compensation and benefits management
- Strike the right balance between fixed and variable pay for each role/ job
- Compensate fairly for the level of experience, technical expertise, competencies that individuals bring to the table
- Develop skills to effectively design employee package to achieve win-win for both employer and the employees
- Successfully manage to retain the best talent in the competitive market
- Reward desired behaviour for present and future occurrence
- Assess and restrain any discrimination basis gender, diversity, region, and religion
- Effectively plan and flex benefits like dearness allowance, etc., considering the location and other factors
- Devise packages in complying with legal regulations
- Keep surplus/ anticipate the exigencies that might occur or any contingencies
Course Outline
Module 1: Introduction to Compensation and Benefits Management
- What is Compensation and benefits management?
- Benefits of Compensation and benefits
- Basic principles of Compensation and benefits management
- Difference between compensation and benefits
- Designing the compensation and benefits plan
Module 2: Components of Compensation
- Basic salary
- Allowances (dearness allowance, house rent, transport, etc)
- Incentives and bonuses
- Benefits/Perquisites
- Customisable, ready to use templates
Module 3: Components of Benefits
- Retirement contribution plans
- Outings and vacations
- Sharing profits – shares, RSUs etc.- depends on the company
- Relocating bonuses
- Special day offs
- Healthcare benefits
- Travel and meal reimbursement
- Maternity and sick leave
- Other facilities
Module 4: Calculating Compensation
- Evaluating the current market
- Assessing the possibility of growth
- Setting a compensation benchmark
- Revisiting and revising packages to match the market standards – to become and remain the employer of choice
- Basic considerations
- Compensation Ratio
Module 5: Evaluating Compensation
- Performance-based
- Skills and experience of the candidate
- Competency-based compensation
- Last or current salary
- Job description, tenure, qualification
- Paying full-time Vs. contract employees
Module 6: Computable Tools of Compensation
- Payroll management system
- Determining incentives and benefits
- Budget management
- Hikes and promotions
- Direct Compensation (Salary and rewards)
- Indirect compensation (Recognition, Career development)
Module 7: Market Benchmarking
- Identifying the pay policies
- Assessing the market quantitative and qualitatively
- Comparing Jobs in the market
- Assess the pay practices of competitors
Module 8: Legal Regulations
- Income tax
- Various tax implication
- Prevailing wage law
- Service contract
Course Objectives
- Define what is Compensation and benefits?
- Explain the importance of Compensation and benefits to attract and retain the right talent
- Understand the components of Compensation and benefits management
- Strike the right balance between fixed and variable pay for each role/ job
- Compensate fairly for the level of experience, technical expertise, competencies that individuals bring to the table
- Develop skills to effectively design employee package to achieve win-win for both employer and the employees
- Successfully manage to retain the best talent in the competitive market
- Reward desired behaviour for present and future occurrence
- Assess and restrain any discrimination basis gender, diversity, region, and religion
- Effectively plan and flex benefits like dearness allowance, etc., considering the location and other factors
- Devise packages in complying with legal regulations
- Keep surplus/ anticipate the exigencies that might occur or any contingencies
Course Outline
Module 1: Introduction to Compensation and Benefits Management
- What is Compensation and benefits management?
- Benefits of Compensation and benefits
- Basic principles of Compensation and benefits management
- Difference between compensation and benefits
- Designing the compensation and benefits plan
Module 2: Components of Compensation
- Basic salary
- Allowances (dearness allowance, house rent, transport, etc)
- Incentives and bonuses
- Benefits/Perquisites
- Customisable, ready to use templates
Module 3: Components of Benefits
- Retirement contribution plans
- Outings and vacations
- Sharing profits – shares, RSUs etc.- depends on the company
- Relocating bonuses
- Special day offs
- Healthcare benefits
- Travel and meal reimbursement
- Maternity and sick leave
- Other facilities
Module 4: Calculating Compensation
- Evaluating the current market
- Assessing the possibility of growth
- Setting a compensation benchmark
- Revisiting and revising packages to match the market standards – to become and remain the employer of choice
- Basic considerations
- Compensation Ratio
Module 5: Evaluating Compensation
- Performance-based
- Skills and experience of the candidate
- Competency-based compensation
- Last or current salary
- Job description, tenure, qualification
- Paying full-time Vs. contract employees
Module 6: Computable Tools of Compensation
- Payroll management system
- Determining incentives and benefits
- Budget management
- Hikes and promotions
- Direct Compensation (Salary and rewards)
- Indirect compensation (Recognition, Career development)
Module 7: Market Benchmarking
- Identifying the pay policies
- Assessing the market quantitative and qualitatively
- Comparing Jobs in the market
- Assess the pay practices of competitors
Module 8: Legal Regulations
- Income tax
- Various tax implication
- Prevailing wage law
- Service contract