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Compensation Management
Course Outcomes (COs):
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Course Outcome |
Learning and teaching strategies |
Assessment Strategies |
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On completion of this course, the students will be able to;
CO 132 Analyze the key concepts related to Compensation Management |
Approach in teaching:
Interactive Lectures, Group Discussion, Tutorials, Case Study |
Class test, Semester end examinations, Quiz, Assignments, Presentation |
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CO 133 Distinguish and evaluate about different wage determination methods and wage theories. |
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CO 134 Examine and evaluate different types of Wage Components and Methods of wage payment. |
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CO 135 Examine various components of job design, job evaluation and Team-Based Compensation. |
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CO 136 Examine and evaluate about different Behavioural Dimensions of Compensation Management and executive compensation. |
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CO 137 Analyze and evaluate the different provisions that come under The Payment of Wages Act, 1936 and The Minimum Wages Act, 1948. |
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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
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.
· Dipak Kumar Bhattacharyya, Compensation Management, Oxford University Press, New Delhi.
· Sharma, A.M. Industrial Relations, Conceptual and Legal Framework, Himalaya Publishing House
Bhati, Kanchan., Compensation Management, Himalaya Publishing House
Suggested 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.
- 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;
E Resources:
- CASES IN HRM, SAIYADAIN, McGraw Hill Education, https://www.expresslibrary.mheducation.com/bookshelf, icg@iisuniv.ac.in, Mcgraw2020
- Aswathappa, Human resource management, McGraw Hill Education, https://www.expresslibrary.mheducation.com/bookshelf, icg@iisuniv.ac.in, Mcgraw2020
Journals:
- South Asian Journal of Human Resources Management
- Indian Journal of Industrial Relations
