Compensation Management

Paper Code: 
HRG 517
Credits: 
03
Contact Hours: 
3.00
Max. Marks: 
100.00
Objective: 

Course Objective

To provide candidates with the fundamental skills in research design and analysis necessary for making sound marketing decisions.

   Course Outcome (COs):

Course

Learning Outcome (at course level)

Learning and teaching strategies

Assessment Strategies

Paper Code

Paper Title

HRG 517

Compensation Management
  1. To understand key concepts related to labor market dynamics in determining employee wages, bases  of their pay, and executive compensation that are equitable and competitive as well as cost-effective in attracting and retaining people.
  2. To understand about different Job Evaluation techniques for determining basic pay.
  3. To determine various components of a compensation package, how to structure them, and how to   develop a company’s compensation policy.
  4. To make them understand about different statutory/ voluntary benefits, perks, incentives, and employee services offered by different organizations in order to motivate employees for better performance and retention.
  5. To describe the different provisions comes under different compensation acts.

Approaches of Teaching:

Interactive lectures and Discussion and Power point presentation

 

Learning activities for the students:

 Self learning assignments, effective discussion, simulation and presentation

CA test, Semester end examination, Presentation,  Quiz,  and Interaction

 

9.00
Unit I: 
Employee Compensation Management

 

  • Concept, Process of determining compensation, Significance of Employee Compensation,
  • Wage concepts – Minimum wage, Fair wage, Living wage; Wage Theories, wage policy in India

 

9.00
Unit II: 
Wage Determination

 

·        wage determination metods,Job Evaluation, Wage Differentials.

·        Wage Fixation – Statutory wage fixation, Wage Boards & Pay Commissions.

         Collective bargaining, Adjudication.

9.00
Unit III: 
Wage Components

 

·        Basic Salary, DA , Fringe benefits, Bonus,  Wage Incentive system in India.

·        Profit sharing and stock options, VRS .

        Methods of wage payment – Time, Piece Rate.

9.00
Unit IV: 
Managerial Compensation

 

·        Recent trends in Managerial compensation in Indian Organizations.

         Role of HR Department in compensation management.

9.00
Unit V: 
Legislation Concerning Wages

 

Payment of Wages Act, 1936; Minimum Wages Act, 1948

Essential Readings: 
  • M Deb Tapomoy, “ Compensation Management: text & cases, Excel Books.
  • 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.
  • Monappa  Arun, Industrial Relations, Tata McGraw Hill Publishing Co. Ltd., 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.
  • 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.

 

 

 

References: 
  • M Deb Tapomoy, “ Compensation Management: text & cases, Excel Books.
  • 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.
  • Monappa  Arun, Industrial Relations, Tata McGraw Hill Publishing Co. Ltd., 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.
  • 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: 
2020-2021
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