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Compensation Management
The objective of this paper is to develop an understanding among students of issues related to compensation in an organization.
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Course |
Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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PAPER CODE |
Paper Title |
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MHR 325 |
Compensation Management |
CO 111 Understand key concepts related to labor market dynamics CO 112 Understand about different Job Evaluation techniques. CO 113 Determine various components of a compensation package CO 114 Understand about different statutory/ voluntary benefits, perks, incentives offered by different organizations CO 115 Describe the different provisions that come under different compensation Acts.
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Approach in teaching: Interactive Lectures, Group Discussion, Tutorials, Case Study
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Class test, Semester end examinations, Quiz, Assignments, Presentation |
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Compensation Management: Concept, Objectives, Significance and principles of Compensation Management, common types of compensation. |
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
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.
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.
Executive Compensation: Concept, Principles of Executive Compensation, Factors Affecting Executive Compensation, Compensation trends in India.
The Payment of Wages Act, 1936: Objects; Application; Responsibility for payment of wages; Fixation of wage periods; time-limits; Deduction from wages; Remedies available to worker, Powers of authorities, Penalty for offences.
The Minimum Wages Act, 1948: Objects; Application; Minimum Fair and Living Wages; Determination of minimum wage; Taxation of minimum wage; Advisory Board; Remedy to worker for non-payment of minimum wages.
*Case studies related to entire topics are to be taught.
• 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;
