Learning Objectives of HRM-FPX4001: Compensation and Benefits

HRM-FPX4001: Compensation and Benefits – Course Overview

HRM-FPX4001: Compensation and Benefits is a critical course for students pursuing a Bachelor of Science in Human Resource Management, especially for those enrolled in the FlexPath program. This course provides a deep dive into the key components of employee compensation and benefits, teaching students how to design, manage, and implement effective compensation strategies that attract, motivate, and retain talent while ensuring legal compliance and fairness.

What You Will Learn in HRM-FPX4001: Compensation and Benefits

In this course, students will gain the knowledge and skills required to develop and manage compensation and benefits programs that support organizational goals and meet employee needs. From understanding different types of compensation systems to ensuring legal compliance, this course will prepare students to manage employee compensation packages in a competitive and strategic way.

Key Topics Covered in HRM-FPX4001: Compensation and Benefits

The course covers several important aspects of compensation and benefits, including:

• Types of Compensation: Learn about different compensation structures, such as base salary, hourly wages, bonuses, and commissions. Understand how each system affects employee motivation and organizational outcomes.

• Compensation Strategy and Planning: Study how to develop a comprehensive compensation strategy that aligns with an organization’s goals, industry standards, and market conditions.

• Employee Benefits and Perks: Gain knowledge of the various benefits programs offered by organizations, including health insurance, retirement plans, paid leave, and wellness programs. Learn how these benefits contribute to employee satisfaction and retention.

• Legal Compliance in Compensation: Understand the legal framework surrounding compensation, including wage and hour laws, equal pay, and compliance with government regulations such as the Fair Labor Standards Act (FLSA).

• Global Compensation Practices: Explore how compensation and benefits differ across countries and regions, focusing on the challenges and strategies for managing compensation in global organizations.

• Performance-Based Compensation: Study the role of performance management systems in compensation and learn how to create incentive programs that motivate employees to achieve organizational objectives.

Learning Objectives of HRM-FPX4001: Compensation and Benefits

By the end of this course, students will:

• Develop a comprehensive understanding of compensation and benefits systems and how they impact employee satisfaction and organizational success.

• Learn how to create and implement compensation strategies that align with business goals and comply with legal regulations.

• Understand the factors that influence compensation decisions, including market conditions, internal equity, and external competitiveness.

• Gain the ability to design and manage employee benefits programs that support organizational culture and meet the diverse needs of employees.

• Develop skills to evaluate and adjust compensation packages based on business performance, employee feedback, and changing market conditions.