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Fundamentals of Benefit Strategies

ADP Learning Academy

This course is for anyone who wants to begin their exploration of the benefits component of total rewards. Here, you will learn how to ensure your organization’s benefit strategy is valuable for both the organization and employees, competitive, and fair. You will also learn about various laws and regulations that impact benefit strategy design and administration. Finally, you will explore the Compensation and Benefits Analyst role in successfully administering the benefits strategy and apply what you have learned by evaluating the benefits strategy of a fictional company, Blue Space Tech Performance, and creating an annual planning calendar.

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What's inside

Syllabus

Module 1: Introduction to Benefits Strategies and Regulatory Topics
Your exploration of benefits begins with a deeper look at the value they add to total rewards. You’ll also explore the legal aspects of benefits and benefit administration and why staying current in this arena is so important to the Compensation and Benefits Analyst.
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Module 2: Designing Benefits Strategies
In this module, you’ll look at benefits strategy design in detail, starting with the three main factors that shape a strategy. You’ll walk through a design process and best practices that better ensure your strategy is data-driven and inclusive. Finally, you’ll apply your learning to Blue Space Tech Performance Company’s strategy for competitiveness, value, and potential bias.
Module 3: Administering, Evaluating, and Communicating Your Benefits Strategy
In this section of the course, you’ll learn about a key area of the Compensation and Benefits Analyst role: administering, evaluating, and communicating your organization’s benefits strategy and programs. You’ll start by identifying common responsibilities, the importance of clarifying team members’ roles, and planning for those duties to ensure they’re completed effectively. You’ll then consider best practices in evaluating strategy and program effectiveness, including slicing data across employee groups. Finally, you’ll explore the value created by a successful communication strategy and elements to increase its effectiveness.

Good to know

Know what's good
, what to watch for
, and possible dealbreakers
Covers the design, implementation, and management of benefits strategies, which is valuable knowledge for current and aspiring compensation and benefits analysts
Explains the legal requirements surrounding employee benefits, which is important knowledge for those working in human resources or related fields
Provides practical examples and case studies, which can help learners understand the real-world applications of benefits strategies
Taught by ADP Learning Academy, which has a good reputation in the field of human resources and benefits management

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Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Fundamentals of Benefit Strategies with these activities:
Review Benefits & Compensation Principles
Review this course's foundational principles on benefits and compensation before engaging in the course content.
Browse courses on Compensation
Show steps
  • Consult references on the foundational concepts of compensation and benefits.
  • Refresh yourself on laws, regulations, and legislation pertaining to these concepts.
  • Take practice exams or quizzes to test your knowledge.
Become a Mentor to Aspiring Compensation and Benefits Professionals
Share your knowledge and experience by mentoring aspiring compensation and benefits professionals, guiding their career growth and development.
Browse courses on Mentorship
Show steps
  • Reach out to professional organizations or educational institutions to offer your services as a mentor.
  • Connect with mentees and provide guidance on career paths, skill development, and industry insights.
  • Provide feedback and support to help mentees achieve their goals.
Review US tax laws
This course requires students to be up to date on recent changes in federal tax laws.
Show steps
  • Review IRS website
  • Read recent tax updates
  • Attend a webinar on recent tax changes
Seven other activities
Expand to see all activities and additional details
Show all ten activities
Review 'Compensation and Benefits Management' by David A. Adams
Review this book to understand the core concepts of compensation and benefits management and how they relate to organizational strategy and employee motivation.
View Damming the Gila: The Gila River Indian... on Amazon
Show steps
  • Gather your materials.
  • Read the book, taking notes as you go.
  • Create a mind map or summary of the key concepts.
Attend a Workshop on Employee Benefits Law
Participate in a workshop to gain practical knowledge of the legal framework surrounding employee benefits, including compliance and best practices.
Show steps
  • Research and identify relevant workshops.
  • Register and attend the workshop.
  • Take notes and engage in discussions.
Join a Study Group to Discuss Benefits Strategies
Join a study group to connect with other students, discuss the course material, and enhance your understanding of benefits strategies.
Show steps
  • Find a study group that aligns with your learning style and schedule.
  • Attend study group meetings regularly.
  • Engage in meaningful discussions and share your insights.
Solve Case Studies on Benefits Administration
Engage in case study analysis to apply your knowledge of benefits administration, design, and implementation.
Show steps
  • Read the case study and identify the key issues.
  • Analyze the data and develop recommendations.
  • Present your findings and recommendations to a group.
Enroll in the 'Certified Compensation and Benefits Professional (CBP)' Course by World at Work
Enroll in this comprehensive course to gain a deep understanding of compensation and benefits practices, including legal compliance, market trends, and strategic alignment.
Browse courses on Compensation and Benefits
Show steps
  • Visit the World at Work website and register for the course.
  • Complete the online modules and assignments.
  • Participate in online discussions and forums.
  • Take the final exam.
Develop a Benefits Communication Strategy for a hypothetical company
Create a communication strategy to effectively convey the value of employee benefits to employees, ensuring they understand and appreciate the benefits package.
Show steps
  • Identify the target audience and their communication preferences.
  • Develop key messages and communication channels.
  • Create communication materials, such as brochures, emails, and videos.
  • Implement the communication strategy and track its effectiveness.
Draft a Benefits Policy and Procedures Manual
Develop a policy and procedures manual to provide clear guidelines and instructions for the administration and management of employee benefits.
Show steps
  • Gather relevant information and data.
  • Draft the policy and procedures manual.
  • Review and finalize the manual with stakeholders.
  • Implement the manual and communicate it to employees.

Career center

Learners who complete Fundamentals of Benefit Strategies will develop knowledge and skills that may be useful to these careers:

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Course image
Effort
2 weeks of study, 4.5 hours per week
Level
Introductory
Via
Coursera
Institution
Automatic Data Processing, Inc. (ADP)
Instructor
ADP Learning Academy
Session
August 7, 2024 - September 9, 2024
Language
English
Good to know
Covers the design, implementation, and management of benefits strategies, which is valuable knowledge for current and aspiring compensation and benefits analysts
Explains the legal requirements surrounding employee benefits, which is important knowledge for those working in human resources or related fields
Provides practical examples and case studies, which can help learners understand the real-world applications of benefits strategies
Taught by ADP Learning Academy, which has a good reputation in the field of human resources and benefits management
Share and help others discover this course.
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