Compensation & Benefit Management

Syllabus

 18 MBA 303C

 COMPENSATION & BENEFIT MANAGEMENT

Module 1

Conceptual and Theoretical Aspects of Compensation: Concept of Compensation, The 3P Compensation Concept, System of Compensation, Compensation Dimensions, Organizational Compensation Policy, Methods of Payment: TRS, PBR, MDW; New Trends in Compensation, Concept and Components of Wages, Theories of Wages: Subsistence Theory, Wage Fund Theory, Marginal Productivity Theory, Residual Claimant Theory, Surplus Value Theory, Bargaining Theory, Employment Theory, Competitive Theory

Module 2

Wage Administration and Wage Determination: Principles of Wage and Salary Administration, Job Evaluation: Concept, Scope, Methods and Techniques, Merit-Based Pay. Types of Incentive Plans, Wage Differentials, Wage Policy, Socio-Economic Objectives of Wage Policy, Criteria of Wage Fixation, Broad-Banding, Executive Compensation.

Module 3

Employees Benefits: Overview of Employee’s Benefits, Components of Wage and Benefits Structure, Employees Benefits Planning, Design and Administration, Statutory Benefits: Health Care, Employee Welfare and Retirement Benefits. Incentive Schemes: Pay for Performance: Types of Incentive Schemes, Wage Incentive Plans, Pre-requisites of Effective Incentive Schemes, Merits and Demerits of Incentives.