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: 
Employee Compensation Management

Concept, Significance of Employee Compensation, common types of compensation.
Wage concepts – Minimum wage, Fair wage, Living wage; Wage Theories, Wage policy in India.

12.00
Unit II: 
Wage Determination

Wage Determinant Methods, Job Analysis and Job Evaluation, Wage Differentials-types, Wage Fixation – Statutory wage fixation, Wage Boards & Pay Commissions , wage services

12.00
Unit III: 
Wage Components

Basic Salary, DA (evolution and its significance), Fringe benefits, Bonus, Incentives (Individual, group and organization wide).
Methods of wage payment – Time, Piece rate and Incremental Time Scales.

10.00
Unit IV: 
Executive Compensation

Recent trends in Executive compensation in Indian Organizations
Compensation Management :A Strategic Perspective –Significance of Compensation Strategy
International compensation: Objectives and key components of international compensation.

14.00
Unit V: 
Indian Legislations related to Wages

Workmen’s Compensation Act, 1923; Payment of Wages Act 1936; Minimum wages Act,1948; Payment of bonus Act ,1965,Payment of Gratuity Act 1972

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.
• 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 :

References: 

• 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: