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Certified Compensation Professionals are HR professionals who complete learning modules on managing compensation packages. They understand how to implement rewards management and motivate employees. They must comply with compensation compliance requirements and understand the latest legislative and employment trends. Compensation packages can include non-monetary incentives, and severe sanctions can be applied for non-compliance.
A Certified Compensation Professional is an official designation awarded to human resources professionals who complete a series of learning modules on how to manage compensation packages in the workplace. The WorldatWork Society of Certified Professionals, a not-for-profit organization, administers the exams. A key concept behind the certification training process is understanding how to effectively implement rewards management. This is the field of study of what motivates employees to perform at higher levels of productivity.
There are a variety of other certifications offered to human resources professionals. Among the organizations that also certify performance in various functions of compensation practices is the Human Resources Certification Institute. Complex psychological factors come into play when dealing with incentives for workers, as opposed to the factors involved in increasing production and productivity through optimizing machines and procedures. A certified compensation professional has been trained to understand these drivers and apply them in the workplace to increase worker productivity. Rewarding the most valuable and productive employees with a properly designed compensation package decreases turnover and increases worker motivation.
Both factors were associated with significant productivity gains. A professional working in this area will likely have to analyze market trends in talent recruitment. He or she is expected to relate a thorough understanding of the benefits provided to employees and the true market value of those benefits.
Professional careers with certified pay are found in a wide range of industries. While there are tradeoffs unique to certain industries, in general, certified pay careers allow for a wide range of options across multiple industry sectors. For example, a person who understands compensatory practices in a manufacturing environment likely has a sufficient understanding of the best motivational compensatory factors to effectively transfer it to a healthcare environment. Still, there are limitations where certain industries have very unusual compensatory customs. As a result, a certified compensation professional is likely to maintain close ties to only one or two industry sectors over the course of a career.
Reward management employs a variety of productivity-enhancing incentives that encompass much more than just salary. Trends in compensation packages have changed over the years to recognize the motivational power of non-monetary compensation. A certified compensation professional must comply with numerous national and local laws regarding compensation compliance requirements. He or she will likely also have a current understanding of the latest legislative and employment trends.
In addition to base pay, vacation and sick leave, compensation and benefits packages can include performance bonuses, paid vacation, flexible working arrangements and various perks such as subsidized meals or shopping discounts. These rewards are known as working life programs. Severe sanctions can be applied by regulatory agencies against companies or organizations that do not comply with compensatory regulations. Organized work can also be a factor in compensation policies.
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