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 Contents:
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.
- Teacher: Pruthviraj Ghatage
- Teacher: Ketaki Kambale
- Teacher: Nagina Mali
- Teacher: Naziya Mullani
- Teacher: Priyanka Surve