Online Class: HR Compensation and Benefits

Whether you're looking to change your HR strategy or you want to know more about benefits and compensation, "HR Benefits and Compensation" is for you.  With eight lessons on how to manage current and future benefits questions and compensation needs, you will be able to quickly understand the basics and apply new strategies in the workplace.

• The Importance of Compensation and Benefits
• What Compensation and Benefits Are
• Following HR Regulations
• Organizational HR Strategies
• Benefits of a Needs Assessment
• Managing Policies, Programs, and Activities
• Organizational Responsibilities
• What Small Businesses Should Know

Many companies today now realize that the more they focus on benefits and compensation, the more they will be able to attract the right talent – and keep the talent they already have.  By performing needs assessments, organizations can begin to identify their unique needs by finding the gaps in their strategies. 

"HR Benefits and Compensation" is a course that is designed for those who are looking to gain a basic understanding of compensation and benefits in support of organizational development and success.

Courses Frequently Bought Together:

Human Resources Management 101

Job Performance Appraisals - A How To Guide

Recruitment and Retention Strategies

Course Motivation

The work of human resources is more than just hiring people. When you're a part of the strategic planning of an organization, the role of HR is to lead the company into a successful future. 

From the starting point of hiring team members, to developing them and bringing them into higher roles of leadership and management, the HR department is tasked with making sure a company is able to continue to support its customers and its clients – and that support comes from having the right team in place. 

It's certainly a process that requires finding the right talent for the current (and future) needs, but it's also a process of attracting the right talent when positions need to be filled. The right compensation and benefits packages can help with these goals. 

Why Employers Need to Worry About Compensation and Benefits

As an employer, you need to remember that you have people working for you for a few reasons. 1. They're good at what they do. 2. You need the talents they have. 3. The employee wants to be at the company. 

The first two are simple to understand, but number three is often where companies falter in their strategic planning. By not realizing what employees need to stay at a job, the company can miss out on talent that could bolster their bottom line. 

Employers who worry about compensation and benefits will: 

• Attract the right talent – Companies that have a strong compensation and benefits package to offer can bring in better talent, more often. While the company may not be able to pay as much as other companies, the benefits the employee can receive may be enough to bring them in the door and keep them in their role for a long period of time. An employee who has multiple job offers will often choose the one that speaks to their current needs and to their long-term goals.
• Bring in diverse employees – When you can offer a compensation package and a benefits package that speaks to the needs of more kinds of employees -- one that is adjustable and includes family coverage -- a company will expand the number of people who apply. This sort of compensation and benefit strategy will also help bring in younger employees who may need to have more extensive packages as they move through their career, i.e. family coverage, spousal coverage, etc.
• Keep talented employees on board – An employee who is taken care of by their employer is one that will stay in their company for a longer period of time. This is especially true when the compensation and benefits packages are structured to increase, or to shift over time. For example, if an employee knows their talents will garner them pay raises in the future, they will be willing – and able – to stay in the company. They will not need to continue to look for other jobs that pay more or cover their needs. 
• Reduces costs – Though some companies will look at compensation and benefits are merely costs to add to their budgets, smart companies will see the way that these packages will reduce costs. Think about how much it costs to train a new person and to bring them to the level of skill or knowledge that a long-term employee has. By finding ways to bring in talented people who are going to stick around, companies can reduce their labor costs.
• Reduces other costs – Another way to look at the cost savings of benefits is health care. When employees have access to strong healthcare plans, they will use them. And when the employees use these benefits, they are more likely to become, and to stay, healthy. If they stay healthy, this means fewer sick days, fewer days away from the office, and more productivity when in the office. If an employee feels good at their job, they will be able to get things done, instead of worrying about their health (or taking time away to get back to wellness).
• Stay competitive in their market – Though it might not seem like an important issue to smaller businesses (or might not seem relevant), the more competitive the compensation and benefits packages can be, the more competitive the company will become. They will gain a reputation of being the organization that people want to work for, which increases the company's effectiveness and will pull talent to that company versus another company.
• See more long-term results – The more that a team is able to perform well and to feel as though they are supported in their job, the more they will be able to secure results. This adds up to more revenue and more positive outcomes over time. 

When Compensation and Benefits Aren't Considered a Part of a Business' Strategy 

After seeing the ways in which a good compensation and benefits strategy can help a company, it's clear what will happen when these plans aren't in place. 

• Less ability to attract talent – Those who do have the talents a company needs will not be inclined to apply, or to accept, a position with a company. Instead, they will seek out more attractive offers.
• More turnover – Employees who are not happy with their compensation and benefits will often continue to look for better positions at other companies. They will not have long-term plans with the company, and will switch jobs to get the better deal.
• Increased sick days – Those who do not have benefits to use, or who do not have good benefits, will often be sicker. They will often have to stay home from work, or they will not be able to come in regularly, as they may be taking care of themselves or their family. At the same time, those who do not have benefits to use may also come into work sick, spreading their germs around and making others sick.
• Reduced competitive edge – In a market that is continuously changing and shifting, companies need to stay competitive. With a strong benefits and compensation package, a company will not be able to keep up.