OBJECTIVE: The objective is to enable the students to understand the various aspects of Compensation Management
UNIT-1: JOB EVALUATION AND PERFORMANCE APPRAISAL
Job Evaluation - Definition - Traditional and New Techniques - Performance Appraisal -Basic concepts - performance standard - Appraisal methods.
UNIT-2: COMPENSATION MANAGEMENT
Compensation - Definition - Classification - Types - Incentives - Fringe Benefits.
UNIT-3: WAGE AND SALARY ADMINISTRATION
Theories of wages - wage structure - wage fixation - wage payment - salary administration. Difference between salary and wages - Basis for compensation fixation- Components of wages - Basic Wages - Overtime Wages - Dearness Allowance - Basis for calculation - Time Rate Wages and Efficiency Based Wages - Incentive Schemes - Individual Bonus Schemes, Group Bonus Schemes - Effect of various labour laws on wages-Preparation of Pay Roll
UNIT- 4: REWARDS AND INCENTIVES
Rewards for Sales personnel - Pay - commission- Performance based pay system - incentives - executives compensation plan and packages.
UNIT- 5: REGULATORY BODIES FOR COMPENSATION MANAGEMENT
Wage Boards - Pay Commissions - Compensation Management in Multi-National organizations.
SKILL DEVELOPMENT
- List out the fringe benefits offered to employees of any two companies
- Discuss the role of regulatory bodies in compensation management
- List out various Incentive Schemes of wage payments
BOOKS FOR REFERENCE
- Compensation & Reward Management, BD Singh, Excel Books
- Compensation, Milkovich & Newman, TMH
- Strategic Compensation, Joseph J. Martocchio, 3rd Edition, Pearson Education
- Compensation Management in Knowledge based world, Richard I. Anderson, 10th edition, Pearson Education
- Compensation Management, Er Soni Shyam Singh, ExceL Books.
- Richard Thrope& Gill Homen : Strategic Reward Systems - Prentice-Hall.
- Thomas. P. Plannery, David. A. Hofrichter & Paul. E. Platten: People, Performance & Pay – Free Press.
- Michael Armstrong & Helen Murlis: Hand Book of Reward Management – Crust Publishing House.
- Joseph. J. Martocchio: Strategic Compensation – A Human Resource Management Approach - Prentice-Hall.
- Edwarde. E. Lawler III: Rewarding Excellence (Pay Strategies for the New Economy) – Jossey -Bass.