TOTAL REWARDS

Subject area covered:

Total Rewards: Financial and Non-financial

• Strategic Objectives of Compensation
• Ethical Considerations in Compensation
• Compensation within Different Labor Markets
• Determinants of Pay
• Three Wage Decisions

The Wage-level Decision

• Establishing the Wage Level
• Factors Influencing the Wage-level Decision
• Compensation Surveys
• Using Compensation Survey Data

Job Evaluation Methods

• Ranking Method
• Classification/Grading Method
• Point Method
• Factor Comparison Method
• Guide Chart-Profile Method (Hay method)

Job Pricing and Pay Rate Administration

• Pay Grades and Pay Ranges
• Red-circle Job Rates
• Adjustments for Inflation
• Adjustments for Economic Declines
• Individual Pay Rate Determination
• Reflecting Geographic Influences in Pay Structures
• Establishing Administrative Controls

Economic Factors Affecting Compensation

• Inflation
• Interest Rates
• Industry Competition
• Foreign Competition
• Economic Growth
• Demographic Trends

Incentive Compensation Systems

• Money and Motivation Theories
• Individual Incentives
• Skill and Knowledge-Based Pay
• Differential Pay
• Group and Team Incentives
• Organization-wide Programs: Profit Sharing and Gainsharing
• Employee Stock Ownership Plans
• Strategic Alignment of Base Pay and Incentive Pay

Executive Compensation

• Salaries
• Executive Bonus Plans
• Stock Options
• Nonqualified Deferred Compensation (NQDC)
• Nonfinancial Rewards
• Director Pay

Compensation Laws and Regulations

• Davis-Bacon Act
• Copeland Act and Anti-Kickback Law
• Walsh-Healey Act
• Fair Labor Standards Act (1938) as amended
• Equal Pay Act (1963)
• Small Business Job Protection Act (SBJPA), 1996
• Wage Garnishment (1968)
• Independent Contractors Versus Employees

Employee Benefit Programs

• Social Security
• Workers' Compensation
• Unemployment Compensation
• Pensions
• Health and Accident Insurance
• Income Replacement
• Employee Services
• Pay for Time Not Worked
• Recognition and Achievement Awards

Health Care Benefits

• Managed Health Care
• Consumer-directed Health Care

Managing Employee Benefit Programs

• Employee Benefits Philosophy, Planning, and Strategy
• Employee Preference Assessment: Surveys
• Cost-Benefit Analysis and Cost Management
• Legal Compliance of Benefits Programs
• Communicating Benefit Programs

Benefits Laws and Regulations

• Pregnancy Discrimination in Employment Act (1978)
• Family and Medical Leave Act
• Health Insurance Portability and Accountability Act (HIPAA), 1996
• Patient Protection and Affordable Care Act (PPACA), 2010
• Employee Retirement Income Security Act (ERISA), 1974
• COBRA (Consolidated Omnibus Budget Reconciliation Act)
• Bankruptcy Protections
• FASB Regulations
• IRS Regulations