Manage Remuneration and Benefits
This module discusses how to develop and implement a remuneration and benefits strategy which can help an organisation achieve its strategic business objectives. It outlines the different remuneration philosophies and market positions an organisation can adopt, followed by detailed discussions of the methods an organisation should use to develop its strategy. These include job evaluation and market rates surveys to assist with development of an organisational pay structure. This module also looks at legal aspects related to remuneration and benefits, salary packaging, bonuses and incentive schemes, and pay increases. Finally, it discusses how to implement a remuneration strategy, and how to monitor and evaluate the strategy to ensure it achieves the desired objectives.
Learning Outcomes
- Develop organisation’s remuneration strategy
- Implement remuneration strategy
- Review and update remuneration strategy
Content Areas
- Introduction to Remuneration and Benefits
- Remuneration Strategies
- Job Evaluation: How Much is a Job Worth?
- Researching Market Rates
- Developing a Pay Structure
- Legal Aspects of Remuneration and Benefits
- Salary Packaging
- Bonuses and Incentive Schemes
- Pay Increase
- Implementing a Remuneration Strategy
- Monitoring and Evaluating a Remuneration Strategy
- Remuneration and Benefits Review
Module Duration and Workload
This module involves a total of 60 hours per term of study including a course work component, educator contact, research and related study activities, translating to approximately 5 hours of study per week. Students will need to allocate additional time for the completion of assessment activities related to the module.