Compensation Management

Paper Code: 
MHR 425
Credits: 
4
Contact Hours: 
60.00
Objective: 

The objective of this subject is to promote an understanding of issues related to the compensation in the organizations.

12.00
Unit I: 
Compensation Management

Concept, Objectives, Significance and principles of Compensation Management, common types of compensation.
Wage concepts –Types of Wages: Minimum wage, Need-based Minimum Wages, Fair wage, Living wage, Wage policy in India

12.00
Unit II: 
Wage Determination

Wage Determinant Methods(Legislation, Wage Boards & Pay Commissions, job Evaluation, Collective Bargaining, Adjudication& Arbitration) Types of Wage Differentials, Wage Theories

Wage Components: Basic Salary, DA (evolution and its significance), Fringe benefits, Bonus, Incentives (Individual, group and organization wide) Methods of wage payment – Time and Piece rate wage system

12.00
Unit III: 
Compensation Management and Job Design

Concept, Strategies and techniques of Job Design, methods of Analysis, Compensation Design through Compensable Factors.

Compensation Management and Job Evaluation: Concept, Techniques, Process and limitations.

Team-Based Compensation: Concept, Effective Team-Based Compensation, Recent trends in Team-Based Compensation.

12.00
Unit IV: 
Behavioural Dimensions of Compensation Management

: Factors Influencing Effective Compensation Management, Motivational issues in Compensation, Impact of Compensation on Employees Behaviours, Consequences of Dissatisfaction with Compensation.

12.00
Unit V: 
Executive Compensation

Concept, Principles of Executive Compensation, Factors Affecting Executive Compensation, Compensation trends in India.
Strategic Compensation Management: Compensation Design and Strategy, Aligning Strategies to Transform People, Strategic Planning, Strategic Compensation Policies, Strategic Compensation and Talent issues in Global Hiring

Essential Readings: 

• Aswathappa, K., Human Resources and Personnel Management , Tata McGraw Hill Publishing Company Ltd., New Delhi
• Rao.V.S.P, Human Resource management, Excel Book, New Delhi.
• Subramaian K.N. Wages in India, Tata McGraw Hill Publishing Co. Ltd., New Delhi
• Verma, Pramod Wage Determination: Concepts and Cases , Oxford and IBH, Publication, New Delhi.
• Tapomoy Deb, Compensation Management: Text & Cases, Excel Books, New Delhi.
• Dipak Kumar Bhattacharyya, Compensation Management, Oxford University Press, New Delhi.
• Sharma, A.M. Industrial Relations, Conceptual and Legal Framework, Himalaya Publishing House
• Poole Michael, Industrial Relations; Origins and Patterns of National Diversity; Routledge & Kegan paul, London.
• Keer, Clark and Staudohar, Paul D., Industrial Relations in a New Age, Jossey- Bass Publishers, San Franciso;

Academic Year: 
2019-2020
  • Printer-friendly version
  • PDF version