MU0015 –Compensation and Benefits

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ASSIGNMENT

 

 

Note – Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

 

1 What do you mean by Compensation

 

 Management? Explain the non-compensation dimensions.

Answer : Compensation Management is an organized practice that involves balancing the work-employee relation by providing monetary and non-monetary benefits to employees. Compensation includes payments such as bonuses, profit sharing, overtime pay, recognition rewards and sales commission. Compensation can also include non-monetary perks such as a company-paid car, company-paid housing and stock options. Compensation is an integral part of human resource management which helps in motivating the employees and improving organizational effectiveness.

 

 

 

 

2 Discuss the classification of Employee Benefits. What are the factors that influence the choice of a benefit program?

 

Answer : Types of Employee Benefits

Benefits are any perks offered to employees in addition to salary. The most common benefits are medical, disability, and life insurance; retirement benefits; paid time off; and fringe benefits.

 

Benefits can be quite valuable. Medical insurance alone can cost several hundred dollars a month. That’s why it’s important to consider benefits as part of your total compensation. Make sure you understand which ones you will receive.

 

Medical Insurance

 

 

 

3 Suppose you are a HR Manager and you are asked to develop an effective Incentive Scheme for your organization. What are the pre-requisites you will consider while developing an Effective Incentive Scheme?

 

Answer : A successful incentive compensation plan focuses on achieving company goals by driving the right behaviors in employees. One of the biggest failures of incentive compensation programs is they often do not take into account all the key drivers that will make the company successful. How does a company determine if its incentive plan is effective? If the answer is “no” to any of the following questions, chances are the company is not getting the most benefit out of its plan.

 

• Is there a defined corporate strategy that is communicated to the rest of the organization so employees understand what the company wants to accomplish?
• Does the incentive plan drive behaviors that

 

 

 

4 Define Pay Structure. What are its objectives? Explain the major decisions involved in designing and setting competitive pay structures.

 

Answer : Pay structure : A pay structure is a collection of pay rates or pay ranges. Structure setting and adjustment is the process of developing, adjusting, and maintaining a pay structure. Salary structures are a necessary part of effective management. They help make sure that the pay levels are externally competitive and internally fair.

 

Reason for developing a proper pay structure :

 

Salary structures are a necessary part of effective management. They help make sure that the pay levels are externally competitive and internally fair. Salary structures also allow companies to reward performance and development while controlling

 

 

 

5 Explain the process of designing a successful Reward Strategy

Answer : Creating a Total Rewards Strategy

 

A holistic approach to developing a total reward strategy can have a significant impact on human capital decisions, leading to enhanced business results. Below is a seven-step process for developing a successful reward strategy, taking into consideration the human capital implications of the organisation’s business context and strategy.

 

Define the context and issues. The first step is

 

 

 

6 Write a short note on the following:

 

a) Wage Policy Plan in India

 

Answer : Minimum wages need to be fixed in sweated industries & fair wage agreements need to be promoted in the more organized industries. Equal pay should be ensured for equal work. Wage differentials should be provided. Remuneration should be linked to productivity.

 

1)            Fixing of minimum wages: The appropriate government shall fix the minimum rates of wages payable to employees employed in the industries

 

 

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