A strong compensation strategy is how your organization approaches pay and benefits given the challenges and uncertainties today. Essentials include: setting salary ranges, determining how raises and bonuses are calculated, and identifying which benefits should work to motivate and support your people in their performance. An effective compensation strategy should reflect your organization’s needs, the culture you want to create, and trends in the external market.

A compensation strategy explains how an organization remunerates employees—in contrast to a compensation philosophy that explains why.

To be effective, a compensation strategy must align with your business strategy, company culture, and organizational goals.

Strong compensation strategies require effective tools with backing from both leadership and employees and adequate financial support.

Why attend the workshop and the need for a strong compensation strategy:

• Competitive compensation packages are strategic actions to be one step ahead  in attracting and retaining talent in a competitive job market.
• A well-designed compensation strategy can help you differentiate yourself from competitors and ensure that you sincerely care, and wish to retain your best employees.
• A well-designed compensation strategy can also help motivate employees to deliver their best performance. When employees feel that their efforts are valued and fairly rewarded, they are more likely to be engaged and productive at work.
• An effective compensation package is part of a top-level business management strategy,  and a signal that helps you manage costs by providing a clear understanding of the value of each position within your organization. Your well designed compensation package supports your informed decisions in hiring, promotions, and rewards management.
• Ensure compliance with relevant labor laws and regulations to avoid costly and stressful work disputes that may end up with the courts if not managed well. This is especially important in industries with complex regulations or in organizations that operate across multiple jurisdictions.
• A strong compensation strategy can contribute to the overall success of your organization by aligning employee performance with business objectives, increasing employee satisfaction, and promoting a culture of fairness and transparency.

Participants who submit and pass the required hands on exercises shall be awarded a Certificate.