Compensation Management | MBA 3rd Sem | SUK

Units

Contents

Hours

Unit 1

Introduction to Pay Systems

Compensation – Meaning, Philosophies, Types Compensation Tools- JOB Based Approaches & Skill Based Approaches, Challenges and Theories – Reinforcement, Expectancy, Equity & Agency. Factors Influencing Employee Compensation, Pay Policies – Wage Policies in India. Concept of Minimum Wage, Fair Wage and Living Wage.

10 Hours

Unit 2

Designing & Pricing Pay Plans

Job Evaluation: Meaning, Objectives, Principles, Procedure, Methods/ Techniques of Job Evaluation – Non Quantitative (Ranking, Job Classification), Jobs with Point Quantitative (Points Rating, Factors Comparison). Problems of Job Evaluation.

16 Steps in Designing Market Competitive Pay Plan, Pricing Managerial & Professional Jobs, Contemporary Aspects- Competency Based Pay, Broad Banding, Flexible/ Cafeteria Style Compensation, Wage Differentials, Components of Pay Structures in India ( Basic

Wage, DA, HRA, Conveyance, LTA, Medical Reimbursement, Bonus, Special Allowances, Indirect Compensation)

10 Hours

Unit 3

Incentives, Benefits & Services

Motivation & Incentives: Pay for Performance – Concept, Types of Pay for Performance- Individual, Team & Plant Wide Plans – Gain Sharing, Profit Sharing, ESOP.

Employee Benefits in India, Policy Issues in Benefits, Benefits – Voluntary & Government Mandated Benefits – Security, Health Care, Financial, Retirement, Personal Services & Family – Friend Time Off & Other.

10 Hours

Unit 4

Wage fixation & Legislation, Workmen Compensation Act, Employee State Insurance Act, PF Act, Employee Gratuity & Payment of Bonus Act, Minimum Wages Act, and Equal

Remuneration Act. Wage Boards & Pay Commissions.

10 Hours