COMPENSATION AND BENEFITS MANAGEMENT

Course Objectives

  • To comprehend and analyze the components of compensation,
  • To focus on designing a package that pleases all the stakeholders of the organization.

UNIT I Compensation management

An Introduction to Compensation Management, Theories of Compensation management, 3–P Concept in Compensation Management, Strategic Compensation Management, Strategic and Tactical Compensation Issues.

UNIT II Job Design, Job Evaluation and Compensation structures

Job Analysis & Design, Job evaluation and methods, understanding market pay and benchmarking, Base pay, Performance based pay, Competency based pay and Team based pay.

UNIT III Benefits and Services

Employee benefits, Long–term and Short–term benefits, Administration of benefits and the influencing factors, Employee welfare and services,

UNIT IV Legalization and Compensation

The legislative process – Payment of Wages Act 1936, Employees Insurance Act 1948, Workers Compensation Act 1923, Employees Provident Fund Act 1952

UNIT V Executive and International Compensation

Executive compensation – concepts and elements, Quantitative tools, Expatriate Compensation and its Objectives, Elements of Expatriate’s Compensation Package, Laws relating compensation.

Learning Resources

  • Compensation Management– by Dipak Kumar Bhattacharyya
  • Compensation Management in a Knowledge – based World 10th Edition (English, Paperback, Richard I. Henderson), PEARSON
  • Compensation Management 2nd Edition (English, Paperback, Dipak Kumar Bhattacharyya), Oxford

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