CDOE

Course Outcomes:

Students will be able to;
1. Gain insights of various conceptual aspects of Compensation and
related laws to achieve organizational goals.
2. Evaluate the implication of Job Evaluation methods, incentives
and fringe benefits
3. Design a compensation system and policy which is consistent,
attracting and retaining high quality workforce in modern
organization.

Syllabus:

Unit 1: Compensation Management: Wage and Salary Administration:
Calculation of Wage, Salary, Prerequisites, Compensation Packages, Cost
of Living Index and Dearness Allowance, Job Evaluation:- Major
Decisions in Job Evaluation, Job Evaluation Methods, Competitive study
and Compensation management

Unit 2: Incentives and Fringe Benefits:-
Individual Incentives and organization wide incentives, Designing and
operating incentives and deferred compensation plan,
Managing Employee Benefits: Nature and types of benefits, employee
benefits programs

Unit 3: Employee Contributions: Pay For Performance (PFP): Competency
Based Pay, Skill based Pay, Team based pay, Gain and Profit sharing
Designing PFP Plans, Merit Pay/Variable Pay. Code on wages 2019
Minimum Wages, Payment of Wages, Payment of Bonus.

Unit 4: Wage Determination: internal and external equity in compensation
systems, wage administration in India: wage policy in India, wage boards:
structure, scope and functions Recent Pay Commissions. Executive
compensation: - elements of executive compensation and its management,
cafeteria compensation , Recent trends in compensation Management:-
Restructure pay for remote working, Differentiate rewards for critical
digital talent, Measure return-on-investment (ROI) on compensation
spending, Golden parachute (VRS)compensation.