Compensation Management

Paper Code: 
MHR 325
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Objective:

The objective of this paper is to develop an understanding  among students of issues related to  compensation in an organization.

Course Outcomes(CO):

 

Course

Learning outcome (at course level)

Learning and teaching strategies

Assessment Strategies

Paper Code

Paper Title

MHR 325

Compensation Management

CO 128Analyze the key concepts related to Compensation Management

CO 129Distinguish and evaluate about different wage determination methods and wage theories.

CO 130Examine and evaluate different types of Wage Components and Methods of wage payment.

CO 131Examine various components of job design, job evaluation and Team-Based Compensation.

CO 132Examine and evaluate about different Behavioural Dimensions of Compensation Management and executive compensation.

 

CO 133 Analyze and evaluate the different provisions that come under The  Payment  of  Wages  Act,  1936 and The  Minimum  Wages  Act,  1948.

Approach in teaching:

Interactive Lectures, Group Discussion, Tutorials, Case Study

 

-

Class test, Semester end examinations, Quiz, Assignments, Presentation

 
12.00
Unit I: 
Unit 1

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: 
Unit 2

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: 
Unit 3

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.

 

14.00
Unit IV: 
Unit 4

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.

 

10.00
Unit V: 
Unit 5

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.

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: