Compensation Management ( Functional Electives HR)

Paper Code: 
MBH- 423
Credits: 
4.0
Contact Hours: 
40.00
Max. Marks: 
100.00
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
8.00
Unit I: 
Introduction

Compensation meaning, objectives, nature of compensation, compensation responsibilities, compensation system, new trends in compensation, design issues: the 3-P compensation concept, types of compensation: base to pay, individual vs team rewards, perception of pay fairness, compensation strategy: Internal Alignment & External Competitiveness

8.00
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 banding

7.00
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, ESOP, executive compensation: elements of executive compensation & its management

8.00
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 programs-, health care benefits, time-off benefits

9.00
Unit V: 
Statutory provisions/legal framework: Wage legislation in India

Salient provisions of Equal Remuneration Act, Payment of wages act; Minimum wages act; Bonus act; Social security legislation-PF, ESI, Gratuity, Pension etc.

Essential Readings: 
  • Compensation & Reward Management, BD Singh, Excel Books, 2009
  • Employee Reward: Michael Armstrong, Universities Press India Limited, 2002
References: 
  1. Human Resource Management, Snell, Bohlander, Vohra, Cengage Learning, 2009
  2. Compensation Management in a Knowledge based world, Richard I. Andreson 10th edition, Pearson Education, 2005
  3. Compensation Management, Er Soni Shyam Singh, Excel Books, 2012
  4. The Compensation handbook: a state guide to compensation strategy and design, 4th edition, 2008 Lance Berger, A., New York, McGraw Hill