Compensation & Reward Management

Syllabus

SE-HRM-09

Compensation & Reward Management

UNIT-1

Compensation: Concept of Compensation, Types of Compensation, Conceptual Framework of Compensation Management, Compensation Policy Compensation Planning & Strategy, Job Evaluation & Pay Structures, Internal & External Equity in Compensation, Developing a Total Compensation Strategy— Competitive Advantage, The Compensation Structure-, Advantages of Fair Compensation System, Significant Compensation Issues, and Merits and Demerits of Various Compensation Systems.       (7+2)

UNIT-2

Wage and Salary Administration: Definition, Goals, Concept of Wages & Salary, Minimum Wage, Fair Wage and Living Wage– Theories of Wages & Salary–Machineries for Wage Fixation– Statutory Provisions Governing Different Components of Reward Systems–Wage Criteria and Wage Machinery— Wage Components—Salary Benchmarking, Designing KRA & KPI. Wage and Salary Surveys, The Wage Curve, Pay Grades and Rate Ranges, Preparing Salary Matrix, Fixing Pay. (7+2)

UNIT-3

Incentives, Reward System & Pay Restructuring: Meaning and Determinants of Incentives, Wage Incentives, Incentive Calculation Process, Possible Inputs and Outputs of Incentive Process, Types & Forms of Profit Sharing, Non-Monetary Incentives & Cafeteria-Style Compensation, Retention Bonus etc. Individual Incentive Plans, Group & Team-Based Incentives, Profit Sharing & Gain Sharing Plans, Employee Stock Option Plans (ESOPs), Designing Salary Structures for Startup Organizations Incorporating Rewards and Incentives.                                                                                                                                    (7+2)

UNIT-4

Reward Management: Concept, Aims, and Components of Reward System Monetary & Non-Monetary Rewards, Role of Reward in Organization, Strategic Perspectives of Reward Systems: Aligning Reward Strategy with Business Objectives and Strategies. Recent Development in Rewards and Recognition in Business Organizations: Executive Reward Practices, Reward Strategies in a Knowledge Economy–Reward Strategies in a Service-Based Economy.                          (7+2)

UNIT-5

Current Trends in Compensation: Compensation Practices of Multinational Corporations and Strategic Compensation Systems; Compensation Trends in Gig Economy, Freelancers and Contract Workers Compensation, On-Demand Pay Systems, Crowd-Sourced Pay Models, Contemporary Challenges-Pay Inequality & Gender Pay Gap, Diversity, Equity & Inclusion (DEI) in Compensation, Global Mobility Programs, Managing Remote & Hybrid Workforces Globally.      (8+2)