Variable pay compensation can improve employee motivation and performance along with positively impacting your organization’s goals for profitability and productivity. This course will teach you the fundamentals of variable pay.
This course is ideal for the human resources professional responsible for designing, assessing and maintaining variable pay plans. In the course, you’ll learn the fundamentals of variable pay programs, including:
- Types of Variable Pay: dive into three categories of variable pay programs, including Incentive plans, commission plans and recognition plans
- Developing a Variable Pay Plans: discover internal and external factors impacting variable pay plans, how to obtain management support and identify a variable pay design team. Learn about plan objectives and plan types, how to define eligibility and select performance measures. Finally, learn about funding and distribution by determining performance targets and payouts, funding the variable pay plan, and distributing plan earnings.
- Implementation and Evaluation: bring your learning together with this final unit on how to implement the variable pay program including selecting the implementation team, developing the communication plan, introducing the plan and coordinating the plans administration. You will also learn how to evaluate the plan’s effectiveness, why variable pay plans fail and potential evaluation outcomes.
Variable pay plans support and impact your organization’s business goals and objectives. Understanding this form of compensation strategy is an essential skill for today’s HR compensation professional. This course will empower you with the knowledge you need to design, implement and evaluate variable pay plans.
Who Should Attend
HR professionals, CEO’s/CFO’s, business owners, or those who are responsible increasing the effectiveness of their organization
Employers Council staff