HRMT 4680 - Compensation Management

Description

This course comes under the broad area of financial management and deals with rewards for the supply of labor. It addresses the ways in which both tangible and intangible forms of compensation may be used to motivate and reward employee performance. The course also deals with job analysis, job description and job evaluation on the basis of compensable factors as well as designing an equitable pay structure. Additionally, compensation management analyzes the influence of unions and government in determining the compensation of the labor force. It deals with the compensation of both hourly workers and managerial employees.

Learning Objectives

• Have the skills and knowledge required for an entry level human resource position in compensation as defined in the job description for a compensation analyst at http://online.onetcenter.org/link/summary/13-10
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• Have an understanding of the legal framework that applies to compensation
• Know how to investigate a salary/wage discrimination claim
• Know how to establish Internal Consistency using job analysis, job descriptions, and job evaluation and set up a Market Competitive Compensation (External Consistency) system using labor market compensation data, the point job evaluation method, and the job structure
• Be able to assign merit pay to account for differences in employee performance (Recognizing employee contributions or Individual Equity)
• Be able to prepare an executive summary
• Have a working knowledge of the O*net program including: job analysis, job descriptions, and labor market conditions
• Understand legally required benefits (Social Security, Workers compensation, and Unemployment Insurance) and discretionary benefits (pension, health insurance, and other benefits)