Performance Management and Compensation Management in HRM

Description

Performance management is a corporate management tool that helps managers monitor and evaluate employees’ work. Performance management’s goal is to create an environment where people can perform to the best of their abilities to produce the highest-quality work most efficiently and effectively.

Performance-management programs use traditional tools such as creating and measuring goals, objectives, and milestones. They also aim to define what effective performance looks like and develop processes to measure performance. However, instead of using the traditional paradigm of year-end reviews, performance management turns every interaction with an employee into an occasion to learn.

Compensation management, also known as wage and salary administration, remuneration management, or reward management, is concerned with designing and implementing total compensation package.

Compensation management is the practice of planning and distributing the overall pay and benefits package to a company’s employees. This program ensures that a company’s salaries and bonuses remain competitive within the industry and equitable within the organization. It also involves managing company benefit programs, ensuring the job classifications are up to date, risks are minimized, and the package meets the overall needs of employees and their families.

Who this course is for:

• HR Professionals
• HR Managers
• Any Postgraduate Pursing MBA HR
• Training Manager
• Payroll Manager
• Talent Acquisition Manager (or Recruiting Manager)
• Benefits Manager
• Compensation Manager
• Sourcing Manager
• HR Project Manager
• HRIS Manager
• Strategic Sourcing Manager
• HR Analyst
• Recruiter
• HR Coordinator
• HR Business Partner
• HR Consultant
• Managers

What you’ll learn

• Role of HR professional in Performance management
• Role of HR professional in Compensation Management
• Performance Management System
• Performance Management Process
• Methods of Performance Appraisal
• 360 Degree Feedback
• Potential Appraisal
• Performance Management Implementation
• Architecture of Compensation Management
• Designing Compensation
• Wages and salaries administration
• Performance reward
• Incentives and Fringe Benefits
• Stock Based Compensation
• International Payment System

HOMEPAGE – https://www.udemy.com/course/performance-management-and-compensation-management-in-hrm/

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