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Fundamentals of Compensation Strategies

ADP Learning Academy

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.

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Syllabus

Module 1: Introduction to Compensation and Regulatory Topics
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.
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Module 2: Developing Compensation Strategies
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.
Module 3: Administering, Communicating, and Evaluating Comp Strategies
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.

Good to know

Know what's good
, what to watch for
, and possible dealbreakers
Teaches about the various types of compensation and how their value varies depending on the organization and employee
Examines regulatory topics that impact the field of compensation, including the Fair Labor Standards Act
Focuses on designing compensation strategies and the role of the Compensation and Benefits Analyst
Taught by instructors from ADP Learning Academy

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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 Compensation Strategies with these activities:
Review Wage and Hour Laws
Understand the legal framework surrounding compensation before diving into the specifics of compensation strategies.
Show steps
  • Read articles and blog posts about wage and hour laws.
  • Review the Fair Labor Standards Act (FLSA) website.
  • Attend a webinar or workshop on wage and hour compliance.
Read 'Compensation' by Milkovich and Newman
Gain foundational knowledge of compensation principles and practices from leading experts in the field.
View Compensation on Amazon
Show steps
  • Read the chapters on compensation strategy and design.
  • Take notes and highlight key concepts.
  • Complete the chapter exercises.
Create a Compensation Study Guide
Organize your notes and materials to reinforce your understanding of key concepts in compensation strategies.
Show steps
  • Gather your notes, handouts, and other materials from the course.
  • Organize your materials by topic.
  • Create summaries and outlines of the key concepts.
  • Use your study guide to review the material regularly.
Five other activities
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Attend a Compensation and Benefits Workshop
Engage with industry practitioners and learn about best practices in compensation and benefits management.
Show steps
  • Research and identify relevant compensation and benefits workshops.
  • Register for and attend the workshop.
  • Actively participate in the workshop sessions.
  • Network with other attendees.
Complete the LinkedIn Learning Course on Compensation Management
Gain practical guidance on the fundamentals of compensation management from industry experts.
Show steps
  • Enroll in the LinkedIn Learning course on Compensation Management.
  • Complete the course modules and quizzes.
  • Participate in the course discussions.
  • Apply the concepts you learn to your current or future work.
Develop a Compensation Case Study
Apply your understanding of compensation strategies to a real-world scenario by creating a comprehensive case study.
Show steps
  • Choose a specific industry and company to analyze.
  • Research the company's compensation practices.
  • Identify areas for improvement in the company's compensation strategy.
  • Develop recommendations for how to improve the company's compensation strategy.
  • Present your findings to the class.
Participate in a Compensation Simulation Challenge
Test your skills in designing and implementing compensation strategies in a simulated real-world environment.
Show steps
  • Join or form a team to participate in the challenge.
  • Develop a compensation strategy for the simulated company.
  • Implement your strategy and track your results.
  • Analyze your results and make adjustments to your strategy as needed.
  • Present your findings and recommendations to a panel of judges.
Volunteer as a Compensation Mentor
Share your knowledge and help others develop their skills in compensation strategies.
Show steps
  • Join a mentorship program or volunteer to mentor individuals interested in compensation.
  • Meet with your mentees regularly to provide guidance and support.
  • Share your experiences and insights on compensation strategies.
  • Provide feedback on your mentees' work and help them develop their skills.
  • Attend industry events and workshops together to expand your knowledge and network.

Career center

Learners who complete Fundamentals of Compensation 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 5, 2024 - September 2, 2024
Language
English
Good to know
Teaches about the various types of compensation and how their value varies depending on the organization and employee
Examines regulatory topics that impact the field of compensation, including the Fair Labor Standards Act
Focuses on designing compensation strategies and the role of the Compensation and Benefits Analyst
Taught by instructors from ADP Learning Academy
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