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Compensation Management
The objective of this subject is to promote an understanding of issues related to the compensation in the organizations.
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.
Wage Determination: Wage Determinant Methods, Job Analysis and Job Evaluation, Wage Differentials-types, Wage Fixation – Statutory wage fixation, Wage Boards & Pay Commissions , wage services
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.
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.
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
- 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;
