HRM401 - Compensation & Benefits

Description:
This course is an in-depth examination of pay and benefit theories and practices. The course analyzes job evaluation techniques, salary surveys, individual and group performance-based pay, as well as insurance and pension plan administration.

Outcomes:

• Evaluate the different components of an organization's reward system
• Demonstrate how an organization evaluates the differences, similarities, and implications of a strategy of internal equity versus external (market) equity
• Demonstrate how an organization determines the relative value of its various jobs and establishes a pay structure that recognizes this relative value
• Differentiate between multiple methods of compensating groups of employees
• Describe the legal environment that impacts the development of a compensation system
• Analyze how an organization's mission, vision, and overall business strategy determines its approach to compensating its employees
• Evaluate the benefit components of an organization's compensation system
• Design and deliver a comprehensive compensation system for an organization

Required Text(s):

• Milkovich, G.T., Newman, J.M., & Gerhart, B. (2023). Compensation (14th ed.). McGraw-Hill. ISBN: 9781260511949
• Nkomo, S., Fottler, M. and McAfee, R. (2011). Human resource management applications: Cases, exercises, incidents, and skill builders. (7th). Thomson-SouthWestern. ISBN: 9780053468077