Human resource professionals who complete a series of learning modules on how to manage compensatory packages in the workplace earn the title of certified compensation professional. The exams are administered by the WorldatWork Society of Certified Professionals, a non-profit organization. Understanding how to effectively implement rewards management is a key concept behind the certification training process. This is the branch of psychology that investigates what motivates employees to work at higher levels of productivity.
Human resource professionals can earn a variety of other certifications. The Human Resource Certification Institute is one of the organizations that certifies performance in various aspects of compensation practices. When dealing with worker incentives, complex psychological factors come into play, as opposed to factors involved in increasing output and productivity through the optimization of machinery and procedures. A certified compensation professional has been trained to recognize these motivations and to use them in the workplace to boost employee productivity. Employee motivation and turnover are reduced when the most valuable and productive employees are rewarded with an appropriately designed compensation package.
Both of these factors have been linked to significant productivity gains. A professional in this field will most likely be expected to research market trends in talent recruitment. He or she will be expected to demonstrate a thorough understanding of the benefits provided to employees, as well as their actual market value.
Careers as a certified compensation professional can be found in a wide range of industries. Although some industries have compensatory factors that are unique to them, certified compensation professional careers in general offer a wide range of options across a variety of industries. A person who understands compensatory practices in a manufacturing setting, for example, will most likely have enough knowledge of the best motivational compensatory factors to effectively transfer that knowledge to a health-care setting. However, certain industries have very unusual compensatory customs, so there are some limitations. As a result, it’s more likely that a certified compensation professional will stick to just one or two industries throughout their career.
To increase productivity, rewards management employs a variety of incentives that go far beyond a simple paycheck. Compensation packages have evolved over time to recognize the motivational value of nonmonetary incentives. A certified compensation professional must follow a slew of federal, state, and local laws governing compensation compliance. He or she will almost certainly be up to date on the most recent legislative and employment trends.
Performance bonuses, paid leave, flexible work arrangements, and various amenities such as subsidized meals or shopping discounts may be included in compensation and benefit packages, in addition to base pay and vacation and sick leave pay. Work-life programs are the name for these types of incentives. Regulatory agencies can impose harsh penalties on companies or organizations that do not follow compensatory regulations. Compensation policies may also be influenced by organized labor.