This course analyzes theories of total reward systems, including compensation, benefits, retirement, other rewards, motivation, and equity theories. Contemporary issues associated with the design, financing, communication, education, and legal issues of total reward systems are examined. Public policy and legal/regulatory issues affecting compensation, healthcare, and pensions and their impact for employers and employees are also discussed.
Upon completion of this course, students are expected to be able to do the following:
- Articulate the components of an organization’s compensation and benefit system.
- Analyze current and future trends in managing total rewards systems, including issues related to executive compensation.
- Design performance management and variable/incentive pay plans, identifying key success factors and legal requirements.
- Apply reward incentives, including compensation changes, in an equitable, ethical, and cost-effective manner.
- Select, develop, and evaluate benefit programs that comply with federal, state, and local laws and regulations and meet employee needs.
- Plan training and communication with managers and employees on benefits programs and policies.
- Identify various benefit costing models and alternative funding techniques.
Prerequisite: HRM 601 Human Resource Management Strategy