Compensation and Benefits

Catalog description

This course focuses on the compensation and benefit elements that make up total compensation. This course covers base pay, merit pay and variable pay programs and examines such benefits as government regulation, group welfare plans, pension plans and flexible benefit plans. Students learn to apply the principles of compensation management to maintain an organization's competitive advantage while complying with state and federal law. Topics include job analysis, descriptions, and evaluation; pay and benefits surveys; budgeting as related to compensation; and comparable worth issues. The course promotes an understanding of mandated and discretionary employee benefits. It will focus on the major categories of benefits, including planning and administration, compliance with regulations, insurance, retirement plans, paid time off from work, accommodation and enhancement benefits. The students will participate in a variety of activities in which they will investigate current benefits programs, design or modify benefits programs to reflect today's work environment, and administer benefits thought simulations and role playing. As a major team project, students complete a simulation to design a complete compensation and benefits program.