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Aligning Total Rewards Programs to Overall Business Strategy

Every company values and wants to attract highly skilled and highly motivated employees. With the economy now recovering, these employees expect more than just a pay check from their employers. Employers must keep up with the demands and expectations of these employees if they want to have any hope of attracting and retaining them. Studies have shown that high performing companies are twice as likely to declare that a total rewards programs are an area that they put a considerable amount of focus on. These companies have used their total rewards and benefits program as a tool to attract, motivate and retain employees. Companies that fail to adopt this approach are in danger of being not only at a competitive disadvantage, as their current employees leave for jobs that offer more in terms of salary and rewards, but also an incredible financial disadvantage. The total costs for replacing ONE employee making $8 an hour is $3500 when factors such as recruiting, interviewing, hiring, training and initial reduced productivity are considered. These costs are only multiplied when it comes to trying to replace highly skilled and highly motivated employees. Companies cannot afford to pay the price associated with large amounts of turnover.

Turning 'Theory' into 'Practice'?

Companies are beginning to realize what highly skilled and motivated employees expect from their employers rewards and benefits programs and companies are beginning to adjust their rewards and benefits programs accordingly. High performing companies offer benefits that far exceed the standard healthcare and wellness program. While these programs do cost more, having these programs enables high performing companies to consistently attract top level people who are highly skilled and highly motivated which results in a far greater ROI for these programs. These companies understand that an organization that can attract and retain highly motivated employees can expect to see increased productivity and increased profits. Thus, it is vital for companies to do everything they can to attract these employees to them and retain them.

Who should attend?

SVP’s, VP’s, Directors and Senior Managers from cross- Industry organizations with responsibilities in:Human Resources, Total Rewards, Employee Benefits, Compensation, Employee Engagement, Recruiting, Employee Retention

Key areas to be covered in the programme and documentation

Align Your Total Rewards Program with Business Strategy
 Recognize how a strong total rewards program can be used to leverage business strategy
Determine the impact that employer brand has on attracting and retaining employees
Establish a culture of total rewards that incorporates and streamlines existing rewards programs
Build a competitive rewards program that is able to retain the highly skilled, highly motivated employees in your organization and attracts new ones
Transform your organization into one that people want to work for
Ensure your program fosters employee satisfaction to reduce turn over

Incorporate a Dynamic Approach to Your Company’s Total Rewards Program that is Attractive to Highly Skilled and Highly Motivated Employees
*
Recognize what it is that an employee expects from their company’s total rewards program through the various stages of their career
* Ensure that your rewards program properly corresponds to the needs and expectations of your employees
Transform your total rewards program in order to avoid a carte blanche approach to employee rewards
Establish and cultivate a relationship with employees through a dynamic total rewards program

Drive a Powerful Value Proposition that Enhances Total Rewards Program Provides to a Company
*
Put together a strong business case outlining the benefits that a strong total rewards program provides a company in a language and manner that is acceptable to upper management
Determine the ROI that a strong total rewards program provides a company through reduced rates of employee turnover
Clarify the link between a strong a total rewards program, increased employee satisfaction and reduced employee turnover
Utilize a long term view for total rewards that enables a company to transform new hires into high talent, highly skilled employees

 

Utilize an Effective Communications Strategy to Ensure an Understanding of the Total Rewards Policy at the Employee/Employer Level
*
Determine the relationship that exists between employees and their employer in a manner that moves beyond salary
* Incorporate the best practices that allows employees to understand the entirety of what they receive from their company’s total rewards program
Communicate the evolving nature of a total rewards program from an employee’s perspective

Prepare Your Total Rewards Program for Upcoming New Regulations
*
Determine what the impact of new regulations such as the Patient Protection and Affordable Care Act will have on a company’s total rewards programs and their impact on the bottom line
* Implement proactive practices to ensure compliance with new regulations in the most cost effective manner
* Understand who is covered under new regulations

Benefits to you

·         Align total rewards program with your company’s overall business strategy

·         Establish a total rewards program that is able to attract and retain a highly skilled and highly motivated workforce

·         Recognize the value proposition that a strong total rewards program brings to a company through increased productivity and reduced turnover

·         Demonstrate the ROI on a strong rewards program through reduced employee turnover and increased productivity

·         Implement an effective communications strategy with upper management to outline a valid business cases demonstrating the importance of a strong total rewards program

·         Establish the best practices to use to ensure employees understand what they receive in their total rewards packages

·         Incorporate proactive planning to prepare for the impact that new regulations, such as the Affordable Care Act, will have on your company’s bottom line

Companies already benefiting include:

Duration of Course

2 Days Day Course

Course details

August 19th-20th

For more information about this course and how to register, please contact Emily Jones at emilyj@marcusevansch.com or call 312.540.3000 ext 6714

Looking to train larger teams in this subject?

 


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Further information

UK Enquiries: +44 (0) 203 002 3057
or dzingim@marcusevansuk.com

Non-UK Enquiries: +420 (0)2 5570 7246
or training@marcusevanscz.com

North American Enquiries: +1 312 540 3000 X6714 or emilyj@marcusevansch.com




Testimonials

"This course will allow my company to develop its existing strategies to a much greater and hopefully profitable level."

Managing Director, Tarmac