Compensation And Benefits Management

                                                                           Syllabus

                         HRM-3: COMPENSATION AND BENEFITS MANAGEMENT

Module 1:                                    

Job Evaluation / Grade Structure-a. Purpose and Methods of Job Evaluation Ranking Systems, Job Classification / Grading Method, Points System, Factor Comparison Method, Packaged Point Plans, Implementation, Job Evaluation Approach to Compensation Management.

Module 2:                                    

Compensation Planning-Concept of Minimum Wage, Fair Wage, Living Wage, Nature and Objectives of Compensation, Wages, Wage Fixation, Wage Fixation institutions in India, Wage Differentials, Wage Plans-Rowan / Halsey, Components of Compensation-Base Compensation – Perks, Fringe Benefits, Pay for Performance – Incentives, Bonuses-Concept and Methods of Calculation.

Module 3:                                    

Strategic Perspective of Compensation – Aligning Compensation Strategy with Business Strategy, Competency Based Compensation Program, Managing Compensation, Compensation as a Retention Strategy.

Module 4:                                    

Incentive Plans and Fringe Benefits-Characteristics, Benefits and Types of Incentive Plans, Profit / Gain Sharing-Concept and Issues, Fringe Benefits – Concept, Need and Objectives of Fringe Benefits, Fringe Benefits in India.

Module 5:                                    

Statutory Provisions related to Compensation – Payment of Wages Act 1936, Minimum Wages Act 1948, Payment of Bonus Act 1965, Employees State Insurance Act 1948, Employees Provident Fund Act 1952, Payment of Gratuity Act 1972.