Introduction to Compensation and Reward Systems, Concepts and Definitions - Definition of Compensation and Rewards - Objectives of a Compensation System, Components of a Compensation System - Direct and Indirect Compensation - Fixed and Variable Pay-Theoretical Foundations - Equity Theory, Expectancy Theory. CTC Tool Exercise.
JOB EVALUATION AND PAY STRUCTURES
Job Analysis and Job Evaluation - Methods of Job Analysis - Job Evaluation Techniques, Pay Structures - Designing Pay Structures, Internal and External Equity - Pay Surveys and Market Pricing -Conducting Pay Surveys, Benchmarking and Competitive Pay Analysis, Managing Compensation: Strategic Compensation Planning, Determining Compensation - The Wage Mix, Minimum Wage - ESI Calculation
Variable Pay and Executive Compensation: Strategic Reasons for Incentive Plans, Administering Incentive Plans, Individual Incentive Plans - Piecework, Standard Hour Plan, Bonuses, Merit Pay, Group Incentive Plans - Team Compensation, Gain Sharing Incentive Plans, Enterprise Incentive Plans - Profit Sharing Plans, Stock Options, Severance pay
MANAGING EMPLOYEE BENEFITS
Managing Employee Benefits: Benefits- Meaning, Strategic Perspectives on Benefits-Goals for Benefits, Benefits Need Analysis, Funding Benefits, Benchmarking Benefit Schemes, Nature and Types of Benefits, Recognition Programs - Security Benefits, Retirement Security Benefits, Health Care Benefits, Time-Off Benefits, Benefits Administration, Work- Life Balance Initiatives. - Infosys Case Study
STRATEGIC COMPENSATION AND GLOBAL CONSIDERATIONS
Strategic Compensation - Aligning Compensation With Business Strategy, Total Rewards Strategy - Global Compensation Systems -Managing Compensation in Multinational Companies, Expatriate Compensation, Employee Benefits Required By Law, Discretionary Major Employee Benefits, Creating a Work Life Setting, Employee Services- Global Designing a Benefits Package
Reference Book:
1. Armstrong, M. (2020). Rewards Management: A Handbook of Remuneration Strategy and Practice (6thed.). Kogan Page.
2. Cokins, G. (2017). Performance Management: Integrating Strategy Execution, Methodologies, Risk, and Analytics (3rd ed.). Wiley.
3. Berger, L. A., & Berger, D. R. (2015). The Compensation Handbook: A State-of-the-Art Guide to Compensation Strategy and Design (6th ed.). McGraw-Hill Education.
4. Thorpe, R., & Homan, G. (20018). Strategic Reward Systems: Aligning Rewards with Employee Performance (7th ed.). Routledge.
5. Schuster, J. R., & Zingheim, P. K. (2016). The New Pay: Linking Employee and Organizational Performance (9th ed.). Wiley.)
Text Book:
1 Milkovich, G. T., & Newman, J. M. (2020). Compensation (13th ed.). McGraw-Hill Education.
2. Martocchio, J. J. (2021). Strategic Compensation: A Human Resource Management Approach (9th ed.).Pearson
