COURSE OBJECTIVE:
This course is designed to promote understand in issues related to compensation in corporate sector and impart skills in designing, analysis and restructure compensation management system, policies and strategies.
UNIT-I Role of compensation in organization: economic and behavioural theories related to compensation; strategic perspectives of compensation; compensation as motivational tool; compensation policy.
UNIT-II Internal and external equities in compensation system; determining the worth of jobs; understanding inter and intra-industry compensation differentials, designing pay structure and administrating compensation package; understanding different components of compensation package like fringe benefits, incentives and retirement plans; pay for performance plans.
UNIT-III compensation of special group: Corporate Directors, Chief Executives, Senior Managers; components of executive compensation package; compensation of professionals and knowledge workers, R&D staff, sales compensation plan, international compensation.
UNIT-IV Statutory provisions governing different components of reward system; working of different institutions related to reward system like wage boards, pay commissions, role of trade unions in compensation management; tax planning.
Suggested Reading:
Milkovich, George T and Newman J.M., Compensation, Tata McGraw Hill
Henderson, R.O., compensation Management, Pearson Education.
Martocchio, J.J., Strategic Compensation, Pearson Education.
Armstong, M and Murlis H, Reward Management, Kogan Page, UK.
singh, B.D., Compensation Reward Management, Excel Books, New Delhi.
Note:
One case study be discussed – per unit – in the class.
2. Instruction for External Examiner: The question paper will have of two sections. Section ‘A’ shall comprise 8 questions (2 questions from each unit). The students will be required to attempt four questions (one question from each unit). Section ‘B’ will contain one CASE STUDY which will be compulsory. All the five questions will carry equal marks.
This course is designed to promote understand in issues related to compensation in corporate sector and impart skills in designing, analysis and restructure compensation management system, policies and strategies.
UNIT-I Role of compensation in organization: economic and behavioural theories related to compensation; strategic perspectives of compensation; compensation as motivational tool; compensation policy.
UNIT-II Internal and external equities in compensation system; determining the worth of jobs; understanding inter and intra-industry compensation differentials, designing pay structure and administrating compensation package; understanding different components of compensation package like fringe benefits, incentives and retirement plans; pay for performance plans.
UNIT-III compensation of special group: Corporate Directors, Chief Executives, Senior Managers; components of executive compensation package; compensation of professionals and knowledge workers, R&D staff, sales compensation plan, international compensation.
UNIT-IV Statutory provisions governing different components of reward system; working of different institutions related to reward system like wage boards, pay commissions, role of trade unions in compensation management; tax planning.
Suggested Reading:
Milkovich, George T and Newman J.M., Compensation, Tata McGraw Hill
Henderson, R.O., compensation Management, Pearson Education.
Martocchio, J.J., Strategic Compensation, Pearson Education.
Armstong, M and Murlis H, Reward Management, Kogan Page, UK.
singh, B.D., Compensation Reward Management, Excel Books, New Delhi.
Note:
One case study be discussed – per unit – in the class.
2. Instruction for External Examiner: The question paper will have of two sections. Section ‘A’ shall comprise 8 questions (2 questions from each unit). The students will be required to attempt four questions (one question from each unit). Section ‘B’ will contain one CASE STUDY which will be compulsory. All the five questions will carry equal marks.
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