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GR6: Variable Pay: Incentives, Recognition and Bonuses

Learning Options

Variable Pay — Improving Performance with Variable Pay
Certification Course: GR6

Designing for Results

This intermediate-level course presents the fundamentals of variable pay. 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.

Who Should Attend

Course GR6 is designed for HR professionals responsible for designing, assessing or maintaining variable pay programs.

What You Will Learn

Total Rewards and Variable Pay

  • Elements of compensation
  • Categories of 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
    • Short-term incentive plans
      • Profit-sharing plans
      • Performance-sharing plans
      • Individual performancebased plans
    • Long-term incentive plans
      • Equity- and nonequitybased plans
  • Bonus plans
    • Referral
    • Hiring (sign-on) bonus
    • Retention (stay) bonus
    • Project completion bonus
  • Recognition plans
    • Spot awards
    • Managerial recognition
    • Nominations
    • Organizationwide recognition

Developing a Variable Pay Plan — Phases 1 and 2

  • Phase 1: Pre-Design
    • Considering internal and external factors
    • Obtaining management support
    • Identifying the design team
  • Phase 2: Design
    • Determining plan objectives and plan type
    • Defining eligibility
    • Selecting performance measures
  

Developing a Variable Pay Plan — Phase 3

  • Phase 3: Funding and distribution
    • Determining performance targets and payouts
    • Funding the plan
    • Distributing plan earnings
  • 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

Credits
GRP: Required
Certificate in Global Remuneration Administration: Elective
Recertification: 2 course, .5 Exam
CEUs: 1.5 Course, .3 Exam;
PHR/SPHR/GPHR recertification hours: 16 (classroom); 14 (live CourseCasts)
CCP Equivalency: C12
Faculty
Course book amendments

Consider Bringing This Course to Your Location
This professional development program and others offered by WorldatWork can be customized to meet the unique needs of your organization and delivered at your location. For more information, contact a Corporate Education Resource Manager at 877/710-5970 or 480/905-5980.
Fees and Registration Registration Policies
Instructor-Led Traditional Classroom
Two-day Instruction
  • Australia
  • Europe

Course & Certification Exam held in Australia:
$780 USD (Includes: course, binder, exam.)
Exam-only $500 USD (to order call 877/951-9191)
 Schedule 

Course & Certification Exam hosted by the WorldatWork European Reward Consortium:
$1,810 USD * | Member $1,220 USD (Includes: course, binder, exam and shipping.) 

 Schedule 
Self-Paced E-Learning and Exam
Online Course & Certification Exam
Please Note: GR6 is the equivalent of C12. Your shopping cart, receipt and online product will reflect C12. 		About this option
30-day Access:  $1,585 USD  |  Member $1,125 USD
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60-day Access:  $1,810 USD  |  Member $1,300 USD
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120-day Access:  $2,295 USD  |  Member $1,650 USD
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Self-Paced Study Material and Exam About this option
Course Binder Only: $690 USD * | Member $460 USD (Plus shipping & handling.)
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Self Study Package: $1,320 USD * | Member $925 USD (Includes: course, binder, certification exam. Shipping & handling not included.)
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Computer-Based Certification Exam Only: $705 USD * | Member $550 USD
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Please note: If you are purchasing an exam option, you must schedule and complete the computer-based exam within 120 days from the first day of a live instructor-led class or from date of purchase for all self-paced learning packages. Your eligibility expires after 120 days; however, 30-day exam extensions are available for a $150 USD fee when purchased before the original access expires. It is recommended that you complete your exam in a timely manner as exams may be updated without notification. Instructions for scheduling your computer-based exam will be provided at purchase. Learn more at www.worldatwork.org/cbt. Self-study binder and all e-learning product purchases are nonreturnable.

WorldatWork classroom locations offer e-binder technology to participants. Your certification course binder (and BAII calculator, if applicable) will be available for pick up on site the day of the course. For two-day courses, you may access the e-binder PDF two weeks prior to the course start date or upon registration if you register within two weeks of the course.

Live instructor-led e-learning class registrants, you will receive your course binder prior to the first day of class. Self-paced e-learning course purchasers will receive a course binder 5-7 days after date of purchase. 30-day extensions of e-learning access are available for a fee if purchased before original access expires.

Please visit www.worldatwork.org/seminars to download course binder amendments, view class rosters and to find out what to bring to your class.

*Join now and receive the best value. This includes both a one-year WorldatWork Premier membership and course registration. Add the course to your cart and then click "Join Now" before proceeding to check out.

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