HR Compensation and Benefits


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  • 8
    Lessons
  • 13
    Exams &
    Assignments
  • 3
    Hours
    average time
  • 0.3
    CEUs
  • 361
    Students
    have taken this course
 
 
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Course Description

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.


This course discusses the following topics:
 
  • 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. 

In addition, you will learn about how these strategies and ideas apply to smaller businesses that may not have the same resources available as larger companies.  By simply looking at their organization in a different way, smaller businesses can change the way their benefit and compensation packages are structured.

"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.

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.  

Summary 

Companies that are interested in staying competitive will need to look at whether they make their compensation and benefits packages a priority. Though companies can survive without a strong HR influence, these companies often experience high turnover rates and higher costs in the long run.

  • Completely Online
  • Self-Paced
  • Printable Lessons
  • Full HD Video
  • 6 Months to Complete
  • 24/7 Availability
  • Start Anytime
  • PC & Mac Compatible
  • Android & iOS Friendly
  • Accredited CEUs
Universal Class is an IACET Accredited Provider
 
 

Course Lessons

Average Lesson Rating:
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Lesson 1: The Importance of Compensation and Benefits

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. 26 Total Points
  • Lesson 1 Video
  • Review Article: Strategic Plan for Employee Compensation and Benefits
  • Complete Assignment: An Introduction
  • Complete: Lesson 1 Assignment
  • Complete: Lesson 1 Exam

Lesson 2: What Compensation and Benefits Are

This lesson will discuss the current HR thought about these different compensation and benefit offerings. 9 Total Points
  • Lesson 2 Video
  • Review 2 Articles: Compensation: Outline and Definitions; Types of Employee Benefits
  • Complete: Lesson 2 Exam

Lesson 3: Following HR Regulations

Within the practice of HR, there are laws that have been put into place to protect the employees, as well as the integrity of the workplace 7 Total Points
  • Lesson 3 Video
  • Review Article: Summary of the Major Laws of the Department of Labor
  • Complete: Lesson 3 Exam

Lesson 4: Organizational HR Strategies

While compensation and benefits are a part of the HR focus for an organization, its important to keep in mind these pieces are also a part of the overall organizational strategy. 25 Total Points
  • Lesson 4 Video
  • Review Article: Strategic HR Planning
  • Complete: Lesson 4 Assignment
  • Complete: Lesson 4 Exam

Lesson 5: Benefits of a Needs Assessment

To find out what is necessary, it is vital for you to do some research. In HR terminology, this is called performing a needs assessment. 10 Total Points
  • Lesson 5 Video
  • Review 2 Articles: Comprehensive Needs Assessment; Needs Assessment Process
  • Complete: Lesson 5 Exam

Lesson 6: Managing Policies, Programs, and Activities

The more clarity you have about compensation and benefits, the more the team will look up to you and trust in the direction you are headed for the organization. 25 Total Points
  • Lesson 6 Video
  • Complete: Lesson 6 Assignment
  • Complete: Lesson 6 Exam

Lesson 7: Organizational Responsibilities

Since you are entrusted to create recommendations for organizational success, you will need to be the one who finds the data for managers. 10 Total Points
  • Lesson 7 Video
  • Review Article: HR Roles and Responsibilities
  • Complete: Lesson 7 Exam

Lesson 8: What Small Businesses Should Know

If you want to build strong teams, you need to have an effective compensation package in place, with benefits. 50 Total Points
  • Lesson 8 Video
  • Review Article: The Best Benefits Package For Small Businesses
  • Take Poll: How would you rate this course?
  • Take Survey: Program Evaluation Follow-up Survey (End of Course)
  • Complete: Lesson 8 Exam
  • Complete: The Final Exam
162
Total Course Points
 

Learning Outcomes

By successfully completing this course, students will be able to:
  • Understand the importance of compensation and benefits and what they are.
  • Determine HR regulations and use best practices for following them.
  • Identify organizational HR strategies.
  • Describe benefits of a needs assessment.
  • Learn how to manage HR policies, programs, and activities.
  • Define organizational responsibilities, and
  • Demonstrate mastery of lesson content at levels of 70% or higher.
 

Additional Course Information

Online CEU Certificate
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Document Your CEUs on Your Resume
 
Course Title: HR Compensation and Benefits
Course Number: 8900306
Languages: English - United States, Canada and other English speaking countries
Category:
Course Type: General Education (Self-Paced, Online Class)
CEU Value: 0.3 IACET CEUs (Continuing Education Units)
CE Accreditation: Universal Class, Inc. has been accredited as an Authorized Provider by the International Association for Continuing Education and Training (IACET).
Grading Policy: Earn a final grade of 70% or higher to receive an online/downloadable CEU Certification documenting CEUs earned.
Assessment Method: Lesson assignments and review exams
Instructor: Linda Zavadil
Syllabus: View Syllabus
Duration: Continuous: Enroll anytime!
Course Fee: $50.00 (no CEU Certification) || with Online CEU Certification: $75.00

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