Creating Impact Through Total Rewards
An effective Total Rewards strategy results in satisfied, engaged and productive employees who create desired business performance and results. Total Rewards represent all the tools (monetary and nonmonetary) an employer uses to attract, motivate, engage and retain employees. Learn what is required to formulate a Total Rewards program.
Who will benefit from this course?
No previous knowledge of total reward is needed to take this course. It is well suited for HR professionals, as well as those specialising in total rewards, remuneration, compensation, benefits and payroll. Organisational leaders may also benefit by understanding how the total rewards model drives organisational success.
Inclusions
- Access to the WorldatWork learner dashboard
- 1 exam towards the GRP® accreditation
- Classroom style learning for group focused activities
- Lunch, morning & afternoon refreshments (In-person workshops only)
- A networking event with drinks & nibbles (In-person workshops only)
Duration
Two days - 8:30am-4:30pm AEST/AEDT
Workshop locations
Mercer Melbourne, Collins Square, 727 Collins Street, Melbourne
Mercer Sydney, One International Towers Sydney, 100 Barangaroo Avenue, Sydney
What will you learn?
- Discover the elements and process of designing a Total Rewards strategy.
- Recognise external influences that impact an organisation’s culture and strategies.
- Understand the drivers of a Total Rewards strategy.
- Find out how to communicate the value of a Total Rewards package
Topics covered
Introduction to total rewards
● The evolution of rewards
● The Total Rewards model
● External influences
● Drivers of Total Rewards strategy
● Elements of Total Rewards strategy
● The Total Rewards strategy
● The Total Rewards approach
Compensation
● Factors influencing compensation
● Base pay
● Base pay structure design
● Case pay structure
● Differential pay
● Variable pay
Benefits
● Factors influencing benefits
● Income protection programs
● Pay for time not worked programs
● Work-life effectiveness
● The work-life portfolio
Performance management
● Pay for performance
● Principles of merit pay programs
● The base pay investment
● Merit increase guidelines
Talent development
● Talent development opportunities
● Types of development opportunities
● Measuring effectiveness
Recognition
● The value of recognition programs
● Using recognition to drive results
● Recognition plan types and programs
Total rewards: Putting it all together
● Revisiting the Total Rewards model
● The Total Rewards design process
● Total Rewards design considerations
● Communicating the value of a Total
Rewards package