University of Minnesota – Managing Employee Compensation
About this Course
Whether you’re writing paychecks or wondering where yours comes from, this course is for you!
We begin by asking: “To succeed, what kind of a person does your organization need to attract, retain, and motivate?” From there, we’ll explain how to align your organization’s objectives, its pay philosophy, and ultimately the way it designs and implements its salary structure, short-term incentives, long-term incentives, and benefits.
Interested in learning more about the technical aspects of compensation, but don’t know where to begin? We’ll give an overview of key the key technical skills: compliance with pay regulations, understanding stock options, shopping for health insurance and pension providers, and designing incentive plans. Lastly, we’ll discuss non-monetary methods of motivating employees.
Upon completing the course, you should be able to have an understanding of compensation both strategically and technically. Learners will also gain introductory familiarity with pay regulation in the US.
Skills you will gain
Human Resources (HR)
Compensation And Benefits
Week 1: Pay Determination
This module covers designing a compensation strategy and translating that into a pay structure.
Week 2: Pay for Performance
This module covers employee performance evaluations, raises and promotions, short-term incentives (like commissions), and long-term incentives (like stock options).
Week 3: Benefits and Compliance
This module covers pay compliance, the Fair Labor Standards Act, statutory benefits (like OASDI), and non-statutory benefits (like 401ks).
Week 4: NON-MONETARY REWARDS
In this module you will learn about Non-Monetary Rewards. These are very important rewards and are different from monetary rewards. At the end of this lesson you should be able to explain what a non-monetary reward is, describe different kinds of non-monetary rewards, and some ways to implement non-monetary rewards at your own company. So get ready, get started, and go for it!