Compensation Management

Unit

Course Description

Sessions

UNIT I

Compensation management: An Introduction: Compensation Management, Compensation and Non-Compensation Dimensions, 3-P Concept in Compensation Management, Compensation as Retention Strategy, Compensation for Special Groups, Significant Compensation Issues.

3

UNIT II

Job Evaluation, Grading and Compensation Structure: Concept of Salary Structure, Salary Progression, Methods of Payment, Limitations of Job Related Compensation, Competency Based Compensation (Broad pay Bands and 360 Degree Feedback).

2

UNIT III

Wages and Salary Administration at Macro (National) Level: Wage Concept, Wage Policy, Institutional Mechanisms for Wage Determination, Pay Commission, Wage Boards, Public Sector Pay Revision, ILO and Collective Bargaining, Union Role in Wage and Salary Administration.

4

UNIT IV

Job Evaluation: Compensation Strategy at Micro Level, Concept of Equity, Job Evaluation - Methods of Job evaluation and System of Job Evaluation, Process of Job Evaluation, Problems Involved in Job Evaluation.

2

UNIT V

Incentive Schemes: Types of Incentive Schemes, Wage Incentive Plans, Pre-Requisites of Effective Incentive Schemes, Merits and Demerits of Incentives, Pay for Performance Plans.

3

UNIT VI

Benefits and Services: Concept and Nature of Benefits, Classification of Employee Benefits, Employee Benefit Programs, Long term Incentive Plans, Strategic Perspectives on Benefits, Factors Influencing Choice of Benefit Program, Administration of Benefits and Services, Employee Services – Designing a Benefit Package.

4

UNIT VII

Managerial Remuneration: Managerial Remuneration – Concept and Elements, Executive Compensation: Methodology, CEO-to-Worker pay Ratio, Performance Linked Compensation; Balancing of Internal and External Equity.

2

UNIT VIII

Rewards & Recognition: Concept of Reward Management, Developing Reward Policies, Reward Strategy, Developing Total Reward Approach, Reward Management in Service Sector, Total Reward Framework of Service Industry in India, Factors Affecting Reward Management Policies in Service Sector, Process of Designing a Successful Reward Strategy.

4