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Compensation and benefits Sep 2020
1. ABC Ltd. Is newly set up Pharma Company. This Company is
established by DHRUV Business group as part of its recent diversification
exercise. The Company has appointed you as an HR Manager of this newly set up
Pharma Company. First assignment given to you is to identify the special groups
in ABC Ltd and decide how to compensate them? Accordingly, identify the special
groups that would be working for ABC Ltd and decide how you are going to
compensate them?
Answer: Compensation
Compensation in its simplest form is
the payment that one gets for the work done by him either on full time or on
part time basis. The issue of compensation has always been a critical issue for
both the employer and the employee. Money is a crucial incentive and can be
directly or indirectly stated as a medium of fulfilling human needs. On one
hand, employees need it to meet their primary needs. On the other hand, the
employers provide compensation to meet their firm’s objectives of manpower
requirement. Employers also provide compensation to engage, motivate and
incentivise employees and not only to meet manpower requirement. Compensation
system plays an integral role in retention of employees as a poor compensation
is indeed one of the
2. SHRIRAM AUTO is one of the four wheeler manufacturers in
India. The company is a well-known brand in the Indian market. However, due to
tough competition the company is facing a problem of high employee turnover.
Company is not able to retain the talent. You are heading the HR Department of
SHRIRAM AUTO since last five years and after looking into the problem of low
employee retention rate, you found that most of the employees are choosing to
join the competitor’s organization due to attractive benefits provided to
employees by the company. In this backdrop, you are now deciding to revamp the
employee benefit program in your company. State and explain the different
employee benefits that you will provide under the revamped employee benefits
program?
Answer: Employee
benefits and benefits in kind, (also called fringe benefits, perquisites or
perks) are various non-wage compensations provided to employees in addition to
their normal wages or salaries. Benefits are applied to items such as pensions,
free refreshments, leisure activities on work time, holiday pay, insurance, and
so on.
Legally required benefits
Workmen’s Compensation Act, 1923
The Workmen’s Compensation Act is
applicable to the whole of India. This Act covers workers of factories, mines,
plantations, construction companies, transport undertakings, railways, shipping
companies and circuses. This Act is applicable to all establishments which have
20 or more employees. Even casual workers are covered by this Act. Employers
have to compensate workers for temporary, partial and permanent disabilities and
occupational diseases which occur in the course of their employment. Employers
also have to compensate the dependants of the employees
3. INFOGRAPHICS is a leading film post production company in
India since 2010. Since its inception, the company has not considered revision
in compensation and benefits program. This has led to Company’s loss in terms
of quality human resources. Hence, the company is considering the revision of
pay now. In this background, answer the following:
a. Explain how will you undertake job analysis?
b. Explain the importance of job evaluation in this context.
Answer: a) Job analysis refers to the ‘anatomy of the job’. It
provides complete information about the job, in terms of what the workers do,
how they get it done, why they do it, their skills, education, and experience
required to perform it, relationship of that job with other jobs, physical
demands and environmental requirements of that job etc. It is the systematic
way to gather and analyse information about the content and human requirement
of jobs and the context in which jobs are performed. The data generated through
job analysis is used throughout HRM processes. It is also a powerful aid to
management decision-making. Without an accurate job analysis, we cannot carry
out human resource planning. Besides, recruitment and selection will be carried
out without proper information as to what the
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