Compensation & Reward Management

Syllabus

 HRM-305: Compensation & Reward Management

Max. Marks: 100                                                                                           External: 70

Time 3 Hour                                                                                                    Internal: 30

Note: The examiner will set nine questions in all. Question No. 1, comprising of  5 short answer type questions of 4 marks each, shall be compulsory and remaining 8 questions will be of 10 marks out of which a student is required to attempt any 5 questions.

Objectives:             The course is designed to promote understanding of issues related to the compensation or rewarding human resources in the corporate sector, public services and other forms of organizations and to impart skills in designing, analyzing and restructuring reward management systems, policies and strategies.

 Course Contents:

Compensation Management Introduction: Concept, Goals, Theoretical Foundations of Compensation Management: Economic and behavioural theories. Internal and External Equity in Compensation System. Wage Differentials: Inter and Intra industry Wage Differentials.

Reward Management: Concept, Aims, Components of Reward system: Monetary & Non-Monetary Rewards, Role of Reward in organisation, Strategic perspectives of Reward. Recent Development in Rewards and Recognition.

Understanding Compensation Packages: Designing Pay Level, Pay Mix and Pay Structures Compensation of Chief Executives, Senior Managers, R & D Staff, Board of Director, Sales Executives.

Incentive Schemes/ Payment –By-Results (PBR), Performance Linked Compensation, Incentives Plans; Fringe Benefits and Supplementary Compensation: Cafeteria Plans, Pensions Schemes and ESOPs

Tax Planning: Tax Implication of Employee Compensation Package to the Employer; 

Strategies to deal with the Workforce Redundancy.

Statutory provisions governing different components of reward systems: The Minimum Wages Act, 1948, The Payment of Wages Act ,1936, The Workmen’s Compensation Act ,1923, Payment of Bonus Act ,1965.

Institutions related to Reward System: Wage Boards, Pay commissions, Recommendations of 6^th Pay Commission, Recommendations of 2^nd National Commission on Labour relating to Compensation.

International Compensation Practices: Problems, Objectives and Elements of Expatriate’s Compensation Package.