Compensation and Benefits

Course Code	HRMT-311
Course Name	Compensation and Benefits
Category	Business
Description	The focus of this Compensation and Benefits offering will be on providing you with an understanding of strategies, issues, processes and techniques involved in developing and administering a compensation system. You will study both the theoretical and applied aspects of the compensation function in human resources management, the link between the compensation function and the organizational management process, and the compensation system design necessary to attract, retain and motivate the required workforce. Your training will consist of assignments such as case studies, group projects (a business simulation integrating the major aspects of this course, especially those of compensation strategy formulation, job evaluation and job price, salary survey and performance appraisal for compensation), a mid-term exam and a final exam that will serve as a comprehensive assessment on learning outcomes of this course. Compensation and Benefits will give you the knowledge and skills to: •Describe the roles and functions of a compensation system and explain why a compensation system must fit the organizational context in which it is implemented; •Apply the strategic compensation framework to evaluate the fitness of compensation systems; •Analyze the behavioural consequences of the compensation practices of an organization; •Outline and implement strategies to minimize employee reward dissatisfaction; •Describe and compare the different types of base pay and performance pay; •Establish and implement effective pay plans, in compliance with legal standards, to help increase organizational effectiveness; •Describe the major categories of employee benefits, and explain the specific types of benefits included in each category; •Design and implement a benefit system, in compliance with legal standards, to help increase organizational effectiveness and employee well being; •Apply the compensation strategy formulation process to specific organizations and evaluate the proposed compensation strategy prior to implementation; •Apply the job evaluation process and compare and/or contrast the major methods of job evaluation used in establishing pay plans; •Organize, conduct and manage job evaluation to establish effective pay plans for an organization; •Describe the process for conducting compensation surveys; •Conduct compensation surveys, and analyze, interpret and apply compensation data to establish pay plans; •Conduct performance appraisals using a variety of methods including graphic rating scales, critical incidents and behavioural anchored rating scales; •Link pay to performance appraisal outcomes; •Describe the fundamentals of compensation administration and explain how to evaluate the effectiveness of the compensation system; •Implement, administer and maintain a compensation system for specific organizations.
Notes	Prerequisite: Human Resources Management HRMT-301 or permission of the department. Required course for the following outside certifications: HRPA of Ontario, CPA This course is offered in both CE and Distance Learning formats. For further information regarding Distance Learning, visit www.centennialcollege.ca/dl or email online@centennialcollege.ca.
Contact Telephone	416-289-5207
Contact E-mail	ce@centennialcollege.ca
Associated Programs	7200 - HUMAN RESOURCES MANAGEMENT
Register Online	https://secure.centennialcollege.ca/webreg/

Section	Cost	Semester	Start Date	End Date	Meeting Times	Campus
425	$362.97	Winter 2024	2024-01-16	2024-04-23	Times Days No times defined -	OntarioLearn
435	$362.97	Summer 2024	2024-05-14	2024-08-20	Times Days No times defined -	OntarioLearn
438	$362.97	Summer 2024	2024-06-03	2024-09-09	Times Days No times defined -	OntarioLearn

Legend for Days M - Monday T - Tuesday W - Wednesday R - Thursday F - Friday S - Saturday U - Sunday TBA - To Be Announced