Fundamentals of Compensation Strategies

Fundamentals of Compensation Strategies

This course is part of ADP Entry-Level Compensation and Benefits Analyst Professional Certificate

Instructor: ADP Learning Academy

2,520 already enrolled

Included with

3 modules

Gain insight into a topic and learn the fundamentals.

12 reviews

Beginner level

Recommended experience

9 hours to complete

Flexible schedule

Learn at your own pace

3 modules

Gain insight into a topic and learn the fundamentals.

12 reviews

Beginner level

Recommended experience

9 hours to complete

Flexible schedule

Learn at your own pace

What you'll learn

The value created by an effective compensation strategy for both the employer and employees.
The regulations that influence compensation strategies, offerings, and administration.
The main factors and risks to consider when designing a compensation strategy that promotes fairness, transparency, and accountability.
How to use key metrics to evaluate the effectiveness of a company strategy.

Skills you'll gain

Category: Compensation Analysis
Category: Communication Strategies
Category: Benchmarking
Category: Labor Compliance
Category: Compensation and Benefits
Category: Regulatory Compliance
Category: Benefits Administration
Category: Communication Planning
Category: Compensation Strategy
Category: Labor Law
Category: Compensation Management
Category: Equities

Details to know

Shareable certificate

Add to your LinkedIn profile

Assessments

8 assignments

Taught in English

Build your Business Strategy expertise

This course is part of the ADP Entry-Level Compensation and Benefits Analyst Professional Certificate

When you enroll in this course, you'll also be enrolled in this Professional Certificate.

Learn new concepts from industry experts
Gain a foundational understanding of a subject or tool
Develop job-relevant skills with hands-on projects
Earn a shareable career certificate from Automatic Data Processing, Inc. (ADP)

There are 3 modules in this course

The Fundamentals of Compensation Strategies introduces you to the key element of total rewards: compensation. In this course, you’ll gain greater awareness of the different types of compensation and how the value of each type may vary depending on the organization and employee’s needs. You’ll look at regulatory topics that impact the compensation field and factors that promote fairness, transparency, and accountability. In the latter half of the course, you’ll look at designing a compensation strategy and the role the Compensation and Benefits Analyst plays in administering and managing to strategy elements.

In this module of the compensation section of your program, you’ll explore fundamental compensation concepts. You’ll start with the different types of direct compensation and the points in time when employees are likely to experience changes in those compensation areas. Then, you’ll learn about regulations that influence compensation and compensation strategies, including a closer look at the Fair Labor Standards Act, definitions of exempt and non-exempt and how it impacts base compensation. Finally, after a closer look at both variable and equity compensation, you’ll consider the importance of staying current on compensation regulations and trends.

What's included

12 videos18 readings2 assignments1 discussion prompt

12 videosTotal 51 minutes

Course Introduction - Fundamentals of Compensation Strategies2 minutes
Introduction to Compensation Strategy 2 minutes
Key Federal Regulations for Compensation4 minutes
Other Regulatory Requirements3 minutes
Introducing the Common Law Test and the ABC Test7 minutes
Employee or Independent Contractor8 minutes
Statutory Employees and Non-employees5 minutes
White Collar Exemptions3 minutes
Introduction to Variable Compensation4 minutes
Weighing the Pros and Cons of Variable Compensation4 minutes
Introduction to Equity Compensation4 minutes
The Lifecycle of an Equity Grant4 minutes

18 readingsTotal 155 minutes

Course Overview: Fundamentals of Compensation Strategies10 minutes
Compensation Glossary5 minutes
Direct Compensation5 minutes
Employee Compensation Changes5 minutes
Introduction to Regulatory Topics5 minutes
Federal Regulations Overview5 minutes
Keeping Up and Staying Current5 minutes
FLSA Coverage5 minutes
FLSA Exemptions10 minutes
FLSA Classification and Exemption Resources10 minutes
A Closer Look - Merit Pay5 minutes
A Closer Look - Commissions5 minutes
Equity Plan Documents Definitions and Examples15 minutes
Vesting and Exercise Methods25 minutes
A Closer Look - NQSO and ISO Stock Options10 minutes
A Closer Look - Restricted Stock and Restricted Stock Units10 minutes
A Closer Look - Stock Appreciation Rights10 minutes
Compensation and Regulatory Topics: Recap10 minutes

2 assignmentsTotal 30 minutes

Identify FLSA Status: Assessment10 minutes
Compensation and Regulatory Topics: Assessment20 minutes

1 discussion promptTotal 10 minutes

Staying Current - Activity10 minutes

Now that you’re familiar with elements of compensation and related regulations, you’ll start to explore how these elements come together to create and support the compensation area of an organization’s total rewards strategy. You’ll begin by looking at common approach to creating the strategy, starting with defining the organization’s compensation philosophy. From there, you’ll touch on compensation-specific data sources and considerations, as well as common issues you may find in analyzing that data.

What's included

3 videos9 readings3 assignments1 discussion prompt

3 videosTotal 11 minutes

Value of an Effective Compensation Strategy3 minutes
Defining a Compensation Philosophy3 minutes
Importance of Benchmarking Data4 minutes

9 readingsTotal 100 minutes

Research Insights - Online Resources10 minutes
Developing a Compensation Strategy15 minutes
A Closer Look - SWOT Analysis15 minutes
Different Pay Philosophies20 minutes
Components of a Compensation Philosophy5 minutes
Sample Compensation Philosophies5 minutes
Market Data Sources Details15 minutes
Sourcing Internal Comp Data and Challenges10 minutes
Developing Compensation Strategies: Recap5 minutes

3 assignmentsTotal 30 minutes

SWOT Analysis: Assessment10 minutes
Knowledge Check!5 minutes
SWOT Analysis - Activity15 minutes

1 discussion promptTotal 10 minutes

Your Experience with Compensation Strategies - Activity10 minutes

In this module of this course, you’ll turn your attention to some of the key responsibilities for a Compensation and Benefits Analyst: administering, communicating, and evaluating your organization’s compensation strategy and programs.

What's included

7 videos5 readings3 assignments

7 videosTotal 14 minutes

The Compensation and Benefits Analyst's Role In Administering Compensation Plans2 minutes
The Importance of Updating and Aging2 minutes
Communicating Compensation Strategies3 minutes
Compensation Metrics and KPIs2 minutes
Evaluating Adverse Impacts1 minute
Administering, Communicating, Evaluating: Recap2 minutes
Congratulations- Course Complete2 minutes

5 readingsTotal 50 minutes

Clarity of Roles and Responsibilities10 minutes
Compensation-related Policies Considerations15 minutes
Compensation-related Policies Example5 minutes
Details of Compensation Metrics and KPIs15 minutes
Metrics for Evaluating Bias in Compensation Programs5 minutes

3 assignmentsTotal 50 minutes

Metrics Scenario: Assessment15 minutes
Administering, Communicating, and Evaluating Compensation: Assessment15 minutes
Metrics and Dashboards Scenario- Activity20 minutes

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Instructor

ADP Learning Academy

Automatic Data Processing, Inc. (ADP)

16 Courses96,776 learners

Offered by

Automatic Data Processing, Inc. (ADP)

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