HRM 540 Compensation Management

General

• Understand the fundamentals of design, funding, administration, and communication of compensation programs.
• Understand how to identify and locate appropriate internal and external market data.
• Have a general understanding of the employee compensation management function.
• Have a general understanding of the tax and regulatory issues associated with compensation programs.
• How compensation fits within a total rewards strategy.
• Be able to analyze a compensation program, identify problem areas and make recommendations for improvement to the program.
• Know how to prepare and present a compensation program proposal to management and communicate the plan to employees.
• Explain the fundamentals of design, communication, and administration of compensation programs and how they fit within a total rewards strategy
• Prepare and effectively communicate compensation philosophy, plans, and initiatives with different stakeholders.
• Apply legal, tax considerations, and core ethical values to ensure compliance and equity.
• Collect, prepare, and analyze data to create job structure, pay structure, and compensation plans.
• Design compensation strategies and programs to ensure strategic alignment and lead to diverse and inclusive workforce