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

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 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

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

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

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: 
2016-2017
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