COMPENSATION MANAGEMENT

Paper Code: 
MHR 325
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Outcome

Learning and teaching strategies

Assessment Strategies

On completion of this course, the students will be able to;

 

CO 1. Analyze the key concepts related to Compensation Management

Approach in teaching:

 

Interactive Lectures, Group Discussion, Tutorials, Case Study

Class test, Semester end examinations, Quiz, Assignments, Presentation

CO 2. Distinguish and evaluate about different wage determination methods and wage theories.

 

 

CO 3. Examine and evaluate different types of Wage Components and Methods of wage payment.

 

 

CO 4. Examine various components of job design, job evaluation and Team-Based Compensation.

 

 

CO 5. Examine and evaluate about different Behavioural Dimensions of Compensation Management and executive compensation.

 

 

CO 6. Analyze and evaluate the different provisions that come under The Payment of Wages Act, 1936 and The Minimum Wages Act, 1948.

 

 

 

12.00

Compensation Management:

Concept, Objectives, Significance and principles of Compensation Management, common types of compensation.

Wage concepts –Types of Wages: Minimum wage, Need-based Minimum Wages, Fair wage, Living wage, Wage policy in India

12.00

Wage Determination

Wage Determinant Methods (Legislation, Wage Boards & Pay Commissions, job Evaluation, Collective Bargaining, Adjudication& Arbitration) Types of Wage Differentials, Wage Theories

Wage Components: Basic Salary, DA (evolution and its significance), Fringe benefits, Bonus, Incentives (Individual, group and organization wide) Methods of wage payment – Time and Piece rate wage system

12.00

Compensation Management and Job Design

Concept, Strategies and techniques of Job Design, methods of Analysis, Compensation Design through Compensable Factors.

Compensation Management and Job Evaluation: Concept, Techniques, Process and limitations.

Team-Based Compensation: Concept, Effective Team-Based Compensation, Recent trends in Team-Based Compensation.

 

14.00

Behavioural Dimensions of Compensation Management:                Factors Influencing Effective Compensation Management, Motivational issues in Compensation, Impact of Compensation on Employees Behaviours, Consequences of Dissatisfaction with Compensation.

Executive Compensation: Concept, Principles of Executive Compensation, Factors Affecting Executive Compensation, Compensation trends in India.

 

10.00

The Payment of Wages Act, 1936:                                                      Objects; Application; Responsibility for payment of wages; Fixation of wage periods; time-limits; Deduction from wages; Remedies available to worker, Powers of authorities, Penalty for offences.

The Minimum Wages Act, 1948: Objects; Application; Minimum Fair and Living Wages; Determination of minimum wage; Taxation of minimum wage; Advisory Board; Remedy to worker for non-payment of minimum wages.

                *Case studies related to entire topics are to be taught.

 

Essential Readings: 

Essential Readings:

  • Dipak Kumar Bhattacharyya, Compensation Management, Oxford University Press, New Delhi.
  • Sharma, A.M. Industrial Relations, Conceptual and Legal Framework, Himalaya Publishing House
  • Bhati, Kanchan., Compensation Management, Himalaya Publishing House

 

Suggested Readings:

  • Aswathappa, K., Human Resources and Personnel Management, Tata McGraw Hill Publishing Company Ltd., New Delhi
  • Rao.V.S.P, Human Resource management, Excel Book, New Delhi.
  • Subramaian K.N. Wages in India, Tata McGraw Hill Publishing Co. Ltd., New Delhi
  • Verma, Pramod Wage Determination: Concepts and Cases, Oxford and IBH, Publication, New Delhi.
  • Tapomoy Deb, Compensation Management: Text & Cases, Excel Books, New Delhi.
  • Poole Michael, Industrial Relations; Origins and Patterns of National Diversity; Routledge & Kegan paul, London.
  • Keer, Clark and Staudohar, Paul D., Industrial Relations in a New Age, Jossey- Bass Publishers, San Franciso;
References: 

E Resources:

Journals:

  • South Asian Journal of Human Resources Management
  • Indian Journal of Industrial Relations

 

Academic Year: 
2023-2024
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