Tuesday, 27 March 2018

MU0015 –Compensation and Benefits


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DRIVE-fall 2017
PROGRAM-MBADS (SEM 4/SEM 6)MBAFLEX/ MBAN2 (SEM 4)PGDHRMN (SEM 2)
SUBJECT CODE & NAME-MU0015 –Compensation and Benefits
BK ID-B1859
CREDIT & MARKS-4 Credits, 60 marks

Q1.Discuss the contents of Job evaluation. Describe the process of Job evaluation.
(Explain the contents of Job Evaluation, Explain the process of Job Evaluation)
Answer.
Contents of Job Evaluation
Job content is evaluated based on work type, skills and knowledge required; value is evaluated based on each job's contribution to company goals. Three of the most commonly used methods of job evaluation, upon which other methods are based, can be

Q2.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 of Incentives.
(Explain the pre-requisites for an Effective Incentive Scheme, Explain the merits of Incentives)
Answer.
Pre-requisites for an Effective Incentive Scheme
These pre-requisites are as under:

·       The incentive scheme must be influenced by scientific work measurement like the standards set must be practical and inspiring. In addition, the employees must be provided with necessary resources to meet these


Q3.Discuss the types of managerial remuneration. Explain the elements of a managerial remuneration
(Explaining the types of managerial remuneration, explaining the elements of a managerial remuneration)
Answer.
Types of managerial remuneration
The term remuneration covers the following types of expenditure incurred by the company for its Director or his family –
·       Rent free accommodation;

Q4. Define Pay Structure. What are its objectives? Explain the major decisions involved in designing and setting competitive pay structures
(Definition of Pay Structure, Objectives of Pay Structure, Explain the major decisions involved in designing and setting competitive pay structure)
Answer:
Pay Structure
A pay/salary structure refers to the collection of salary grades, bands or levels, connection of related jobs within a series or hierarchy which helps the organisation in providing a framework for the implementation of various policies and

Q5.Explain the criteria’s considered for rewarding the employees for their good service
(Explanation of the criteria’s responsible for rewarding the employees)
Answer.
Criteria’s considered for rewarding the employees for their good service
The criteria for rewarding the employees for their good service in the firm are as follows:
1.     Analysing



Q6. Write a short note on the following:
A) Wage Policy Plan in India
B) Voluntary Retirement Scheme (VRS)
(Wage Policy Plan in India, Voluntary Retirement scheme)
Answer.
a)     Wage Policy Plan in India

Wages means all remuneration expressed in terms of money and includes remuneration payable under any award or settlement, overtime wages ,wages for holiday and any sum payable on termination of employment(bonus is not included. The wage policy in India is built around the following fundamental principles:
1.     Equal


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