16MBAHR303 Compensation & Benefits syllabus for MBA

Introduction to Compensation: Definition of Compensation, Basic concepts of Compensation(wages, salary, benefits, DA, consolidated pay, Equity based programs, commission, reward, remuneration, bonus etc.,), Types of Compensation Management - The Pay Model, Strategic Pay Policies, Strategic Perspectives of Pay, Strategic Pay Decisions, Best Practices vs. Best Fit Options

Internal Alignment: Definition of Internal Alignment, Internal Pay Structures, Strategic Choices In Internal Alignment Design, Internal Structure

Job Evaluation: Definition of Job Evaluation, Major Decisions in Job Evaluation, Job Evaluation Methods, Final Result – Pay Structure- various methods of calculation of compensation: Straight Piece Rate Method, Flat Time Rate Method, Halsey Premium Bonus Plan, Rowan Premium Bonus Plan, Taylor Differential Piece Rate Method

Determining External Competitiveness and Benefits Management:

Competitiveness: Definition of Competitiveness, Pay Policy Alternatives, Wage Surveys, Interpreting Survey Results, Pay Policy Line, Pay Grades Benefits: Benefits Determination Process, Value of Benefits, Legally Required Benefits, Retirement, Medical, & Other Benefits

Performance Based Compensation System:

Employee Contributions: Pay For Performance (PFP): Rewarding Desired Behaviors, Designing PFP Plans, Merit Pay/Variable Pay, Individual vs. Group Incentives, Long Term Incentives. Compensation of Special Groups, Compensation Strategies for Special Groups

Legal & Administrative Issues in Compensation Global Compensation: Legal Issues, Pay Discrimination, Comparable Worth, Budgets and Administration: Recognizing Variations, Social Contract, Culture & Pay, Strategic Choices in Global Compensation, Comparing Systems, Expatriate Pay

Practical Components

• Students must prepare a comprehensive compensation plan to be offered to a Sales Executive, A General Manager and The CEO of an organization.

• Students to collect information from an IT organization regarding the Cost To Company of an employee.

• Students have to prepare questionnaire for conducting wage survey and carry out wage survey for any selected sector and prepare a report for the same.

• Solve various case studies.

• Students must compare and analyze compensation practices in different countries.

• Students to calculate the bonus amount eligible to an employee working as a HR Executive for the past 10 years in an automobile manufacturing organization.