Managing Employee Compensation

Managing Employee Compensation is a crucial course for anyone involved in compensation management or seeking to understand the technical and strategic dimensions of employee compensation. The course, offered by the University of Minnesota, delves into the critical aspects of designing and implementing salary structures, short-term and long-term incentives, benefits, and non-monetary methods of motivating employees.

The comprehensive content is structured into four modules:

1. Pay Determination: This module covers the key technical skills and strategies involved in determining pay, including salary structures, benchmarking, and the impact of pay mix on organizational objectives.
2. Pay for Performance: Focusing on the linkage between pay and performance, this module explores the role of performance evaluations, short-term and long-term incentives, and raises and promotions in driving employee performance.
3. Benefits and Compliance: Participants gain insight into US employment law, statutory benefits, health insurance, pension plans, and the strategic aspects of employee benefits, along with compliance with regulations.
4. Non-Monetary Rewards: The final module delves into the value of non-monetary rewards, such as recognition, learning opportunities, and flexibility, and provides guidance on program design and implementation.

Enrolling in this course equips learners with the knowledge and skills to strategically and technically manage employee compensation while gaining introductory familiarity with US pay regulations.