GRP – GR6: Variable Pay – Improving Performance with Variable Pay

Variable Pay - Improving Performance with Variable Pay (Certification Exam C12/GR6)

Understand the fundamentals of variable pay and how it can support your organisation's business ob」ectives. The course focuses on compensation strategy and variable pay, definitions and the design and implementation of incentive, recognition and bonus plans.

• Learn about the three categories of variable pay.
• Identify common business strategies and objectives for achieving them.
• Examine internal and external factors.
• Discuss the activities for designing the structure of the plan.
• Find out aspects to consider in establishing target performance and payouts.
• Learn about funding and distribution of plan earnings.
• Discover how to implement, communicate and evaluate the success of your plan.

What You Will Learn

Total Rewards and Variable Pay
• Elements of compensation
• Categoriesof variable pay

Supporting Business Objectives through Variable Pay
• Business strategy
• Business strategy drives business objectives
• Business lifecycle
• Variable pay helps achieve business objectives

Types of Variable Pay
• Incentive plans
• Bonus plans
• Recognition plans

Developing a Variable Pay Plan - Phases 1 and 2
• Phase 1: Pre-design
• Phase 2: Design

Developing a Variable Pay Plan -Phase 3
• Phase 3: Funding and distribution
• Final approval

Implementation and Evaluation
• Plan implementation
• Selecting the implementation team
• Developing the communication plan
• Introducing the plan
• Coordinating plan administration

Plan Evaluation
• Determining plan effectiveness
• Why plans fail
• Potential evaluation outcomes