Friday, 5 January 2018

MU0015 –Compensation and Benefits

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MU0015 –Compensation and Benefits
BK ID B1859
Credit and Max. Marks
4 credits; 60 marks

Note – Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

1. 1. Discuss the contents of Job Evaluation. Describe the process of Job evaluation
Answer : Content of job evaluation :
Job evaluations will determine the salary grade of a job and may occur at any time during the year. The table below describes the most common reasons for a job evaluation and the corresponding actions.

In the event that a department manager/supervisor would like to recommend a job evaluation, he or she should contact his or her human resources representative to discuss the situation and process for conducting the evaluation.

2 Suppose you are a HR Manager and you are asked to develop an effective Incentive Scheme for your organization. What are the pre-requisites you will consider while developing an Effective Incentive Scheme? Discuss the merits and demerits of Incentives

Answer : A successful incentive compensation plan focuses on achieving company goals by driving the right behaviors in employees. One of the biggest failures of incentive compensation programs is they often do not take into account all the key drivers that will make the company successful. How does a company determine if its incentive plan is effective? If the answer is “no” to any of the following questions, chances are the company is not getting the most benefit out of its plan.

3 Discuss the types of managerial remuneration. Explain the elements of a managerial remuneration

Answer : Managerial remuneration is compensation for services provided to a company in a managerial capacity. This can include cash payments, along with benefits like stock options, health insurance, and bonuses. Managers are typically paid more than the people they supervise, although they tend to make less than the executives at the head of the company. Some pay structures are transparent, making it easy to determine how much money managers make, while others may be confidential.

Elements of a managerial remuneration

4. Define Pay Structure. What are its objectives? Explain the major decisions involved in designing and setting competitive pay structures

Answer : : Pay structure : A pay structure is a collection of pay rates or pay ranges. Structure setting and adjustment is the process of developing, adjusting, and maintaining a pay structure. Salary structures are a necessary part of effective management. They help make sure that the pay levels are externally competitive and internally fair.

Reason for developing a proper pay structure :

Salary structures are a necessary part of effective management. They help make sure that the pay levels are externally competitive and internally fair. Salary structures also allow companies to reward performance and development while controlling cost. Well-designed salary structures will attract highly skilled people to your company and keep them motivated within the organization.

5 Explain the criteria’s considered for rewarding the employees for their good service
Explanation of the criteria’s responsible for rewarding the employees

Answer : Managers who want to recognize employees for good work have many tools at their disposal. One of the more traditional ways to reward a top performer is to give her a promotion or raise or both. But how can you know whether someone is truly ready for the next challenge or deserving of that bump up in pay?

HR policies and company culture often dictate when and how people move up in a company. However, managers in most companies have a good deal of input into the decision, and in some cases they are the ultimate decision makers.

6 Write a short note on the following:

a) Wage Policy Plan in India

Answer : Minimum wages need to be fixed in sweated industries & fair wage agreements need to be promoted in the more organized industries. Equal pay should be ensured for equal work. Wage differentials should be provided. Remuneration should be linked to productivity.

1)           Fixing of minimum wages: The appropriate government shall fix the minimum rates of wages payable to employees employed in the industries specified in the schedule. Revision can take place once in five years. The minimum wage may be fixed at a rate.
2)           Minimum rate of wages: It

b)Voluntary Retirement Scheme(VRS)

Answer : In the present globalised scenario, right sizing of the manpower employed in an organisation has become an important management strategy in order to meet the increased competition. The voluntary retirement scheme(VRS) is the most humane technique to provide overall reduction in the existing strength of the employees. It is a technique used by companies for trimming the workforce employed in the industrial unit. It is now a commonly method used to dispense off the excess manpower and thus improve the performance of the organisation. It is a generous,tax-free severance payment to persuade the employees to voluntarily retire from the company. It is also known as 'Golden Handshake' as it is the golden route to retrenchment.

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