Compensation Management

Paper Code: 
EMH 423
Credits: 
4
Contact Hours: 
60.00
Objective: 
  • The course aims to impart Knowledge in the design, implementation and administration of compensation and benefits in the organizations, taking into account the legal provisions. This would enable the future HRD manager to leverage compensation in creating a high performing organization.
  • The course would facilitate the student to become a contemporary compensation manager by gaining insights into current practices of compensation in Indian Organizations.
     
12.00
Unit I: 

Introduction:
Compensation meaning, objectives, nature of compensation, compensation responsibilities, compensation system, design issues: compensations philosophies, compensation approaches, decision about compensation, types of compensation: base to pay, individual vs team rewards, perception of pay fairness, compensation as a strategy for attracting & retaining employees, compensation pay model.
 

12.00
Unit II: 

Compensation Management :
Strategic Compensation planning, determining compensation, job evaluation systems, the compensation structure-wage & salary surveys, the wage curve, pay grades & rate ranges, preparing salary matrix, broad branding.
 

12.00
Unit III: 

Variable Pay & Executive Compensation:
Strategic reasons for incentive plans, administering incentive plans, individual incentive plans, piecework, standard hour plan, bonuses, merit pay, group incentive plans-team compensation, gain sharing incentive plans, enterprise incentive plans-profit sharing plans, stock options, executive compensation: elements of executive compensation & International compensation Management.
 

12.00
Unit IV: 

Employee Benefits and Allowances:
Benefits: meaning, strategic perspectives on benefits-goals for benefits, benefit need analysis, funding benefits, benchmarking benefit schemes, nature & types of benefits, employee benefits programmes-security benefits, retirement security benefits, health care benefits, time-off benefits.
 

12.00
Unit V: 

Statutory Provisions/legal framework: Wage Legislation in India:
Payment of wages act; Minimum wages act; Bonus act; Social security legislation-PF, ESI, Gratuity, Pension etc.

 

*A minimum of one case study will be discussed per unit of the syllabi.
 

References: 

Text Books:

  1. Employee Reward : Michael Armstrong, Universities Press India Limited.
  2. Compensation & Reward Management, BD Singh, Excel Books.

Suggested  readings:

  1. Compensation Management in a Knowledge based world, Richard I. Andreson 10th edition, Pearson Education.
  2. Compensation Management, Er Soni Shyam Singh, Excel Books.
  3. The Compensation handbook: a state guide to compensation strategy and design, 4th edition, Lance Berger, A., New York, Mc Graw Hill.