Compensation and Benefits
Study of how compensation of employees is identified, measured, and managed in today's organizations. Both direct and indirect forms of compensation are studied, with focuses on traditional pay and benefits, as well as newer forms of compensation used today. Students learn the relationships between compensation and individual performance, compensation and organizational competitiveness, and compensation and attainment of strategic objectives. Specific skills learned include setting up and administering pay plans of all types; salaried, hourly, performance and incentive based, group based, and other newer forms of direct compensation systems. Students also learn important aspects of selecting and administering employee benefits that are a significant portion of the compensation of today's workforce. 3 Credits (3 Lecture) Prerequisite(s): HRM300. As needed.