Managing Employee Compensation

University of Minnesota via Coursera

Go to Course: https://www.coursera.org/learn/compensation-management

Introduction

**Course Review: Managing Employee Compensation on Coursera** In the rapidly evolving world of human resources and employee management, understanding the intricacies of employee compensation has never been more crucial. Coursera's "Managing Employee Compensation" course provides a comprehensive look into this vital aspect of organizational success, making it a must-enroll for HR professionals, managers, and anyone interested in the dynamics of workplace motivation. ### Course Overview "Managing Employee Compensation" is designed for those who are either responsible for writing paychecks or those curious about the foundations of compensation systems within organizations. The course kicks off with an essential question: "To succeed, what kind of a person does your organization need to attract, retain, and motivate?" This inquiry sets the stage for a thoughtful exploration of how compensation strategies can be effectively aligned with an organization’s goals. The course delves deeply into the technical aspects of compensation, ensuring that participants not only understand theoretical concepts but also how to apply them in real-world scenarios. Let's take a closer look at the syllabus, which is divided into four well-structured modules: ### Syllabus Breakdown **1. Pay Determination** This module lays the groundwork for creating a compensation strategy. Participants learn how to design and implement a pay structure that aligns with their organization’s philosophy. The focus here is on the foundational elements needed to develop a competitive and fair compensation system, ensuring that it can both attract talent and sustain morale. **2. Pay for Performance** In a world where performance incentives are increasingly critical, this module covers the essentials of employee performance evaluations, raises, promotions, and both short-term and long-term incentives. Understanding how to effectively tie compensation to performance metrics is key for motivating staff and driving company success. **3. Benefits and Compliance** This module addresses the crucial legal aspects surrounding employee compensation. Participants will gain insights into compliance with the Fair Labor Standards Act and learn about both statutory and non-statutory benefits. The focus on compliance is particularly beneficial for anyone involved in HR or payroll, ensuring that they can navigate the often-complex regulatory landscape that governs employee compensation. **4. Non-Monetary Rewards** Recognizing that not all valuable rewards come with a paycheck, this module explores the realm of non-monetary rewards. Participants will learn about various types of non-monetary incentives and develop strategies to implement these in their organizations effectively. This topic is increasingly relevant as companies seek innovative ways to enhance employee satisfaction and retention without solely relying on financial compensation. ### Recommendations Based on its thorough and engaging curriculum, I highly recommend "Managing Employee Compensation." This course is ideal for HR professionals looking to deepen their understanding of compensation strategies, managers who need to align their teams with organizational goals, and anyone interested in enhancing their knowledge of employee motivation techniques. The course is well-structured, enabling students to digest complex concepts through manageable modules and practical examples. Additionally, the focus on both compliance and non-monetary rewards reflects the course's commitment to delivering a holistic view of compensation. ### Conclusion In summary, Coursera’s "Managing Employee Compensation" is a well-rounded course that provides valuable insights into the vital components of effective compensation management. Its practical approach, combined with a strong theoretical foundation, makes it a superior choice for anyone looking to elevate their understanding of how compensation strategies can drive organizational success. If you're ready to enhance your HR skills or take your management capabilities to the next level, this course is definitely worth considering.

Syllabus

Pay Determination

This module covers designing a compensation strategy and translating that into a pay structure.

Pay for Performance

This module covers employee performance evaluations, raises and promotions, short-term incentives (like commissions), and long-term incentives (like stock options).

Benefits and Compliance

This module covers pay compliance, the Fair Labor Standards Act, statutory benefits (like OASDI), and non-statutory benefits (like 401ks).

NON-MONETARY REWARDS

In this module you will learn about Non-Monetary Rewards. These are very important rewards and are different from monetary rewards. At the end of this lesson you should be able to explain what a non-monetary reward is, describe different kinds of non-monetary rewards, and some ways to implement non-monetary rewards at your own company. So get ready, get started, and go for it!

Overview

Whether you're writing paychecks or wondering where yours comes from, this course is for you! We begin by asking: "To succeed, what kind of a person does your organization need to attract, retain, and motivate?" From there, we'll explain how to align your organization's objectives, its pay philosophy, and ultimately the way it designs and implements its salary structure, short-term incentives, long-term incentives, and benefits. Interested in learning more about the technical aspects of comp

Skills

Human Resources (HR) Incentive Compensation And Benefits

Reviews

Both the professors were amazing! However, I would like to point out that since everyone undertaking this course is from the USA, it's better to skip out on the portion about US Law and compliance.

It was a very rigorous course and well structured. However peer review should be optional because people do not really review and the whole fate of the course keeps hanging on someone else's will.

Very informative but at times a little difficult to follow. Some quiz questions asked of content that was not clearly stressed in videos or at times not found in the review of the videos.

Great course to learn about the employee compensation so as to get their motivation. I highly recommend this course. Thank you all for the immense support throughout the course.

Is a great course, you can accquiere a complete visión of managing compensation and can be a base to improve your knowledge in your job and have and idea to keep learning in other topics related.