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Compensation and Benefits

BUS-305
COMPENSATION AND BENEFITS
3 Credits

This course is a part of:
Associate's Degree Program
Bachelor's Degree Program

Prerequisite:

BUS-111: Human Resources Management

Compensation and benefit systems have become an integral part of human resource management. This trend is driven by changes in the global economy, corporate changes due to legal and market forces, and the need for innovation and critical thinking to remain competitive. Effective design and administration of compensation systems play a central role in attracting and retaining a highly qualified, motivated and productive work force and in advancing the business objectives of the organization. This course provides an in-depth investigation of the principles, techniques and strategies used in developing and implementing compensation and reward systems.

The purpose of this course is to examine both direct and indirect salary and other compensation systems. The focus is on the role of human resources in managing competitive rewards and pay plans to achieve the appropriate goals of public and private organizations. Emphasis is placed on the determinants of general wage and salary levels and structures. The course will discuss and develop an understanding of total compensation systems, including, but not limited to, the interrelationship among employee performance and pay, intrinsic and extrinsic rewards, perceived equitable payments and employee satisfaction.

This course provides a comprehensive overview of compensation management strategies in organizations. Relevant models of compensation are discussed, including issues of executive compensation and other rewards and incentives to organizational strategies. The course will also include a review of various compensation influences, including laws and regulations.

You will also be able to take the NASBA Center for the Public Trust Ethical Leadership Certification (online certification program developed with NASBA & the Daniels Fund Ethics initiative).

Course Objectives

At the completion of this course, the student will have acquired knowledge of and the skills to:

  • Explain theoretical concepts of compensation management as they relate to economic, legal, social and organizational considerations.
  • Define the concept of total compensation.
  • Analyze the interrelation between compensation and benefit systems with retention of qualified and skilled employees.
  • Apply the tools of compensation design to attract and retain an appropriate workforce.
  • Align compensation packages with organizational goals.
  • Describe legal, union, and other constraints applicable to the development of compensation systems.