Compensation and Benefits - NMIMS Latest solved assignments

 

 

 

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Compensation and Benefits

June 2021 Examination

 

Q1. 1. Mr. Roy is the HR manager of your organization. He does not understand the need for job descriptions when the company periodically restructures its operations and activities, including frequent changes in product lines. In fact, the company recruits multi-skilled professionals. Critically comment on the HR manager’s argument from the perspective of compensation management. (10 Marks)

Answer 1.

Introduction

The term compensation management is not just a simple term. Still, it has large scale implications on the human resource management styles that aim at implementing and establishing sound programs, policies and numerous practices of employee compensations under ethical grounds of the organizational policy. It is the process of rewarding the potential employees of the organizations that aim at contributing the best of their abilities in terms of effective productivity and prompting

 

Q2. Suppose that you are the HR manager at a firm with 40 employees. Currently, the company offers only the legal minimum number of days for vacation and paid holidays and the legally mandated benefits. Develop a list of other benefits that you believe should be offered, along with your reasons for suggesting them. (10 Marks)

Answer 2.

Introduction

The term compensation plays a very important role in the human resource management of an organization. Compensation allows an employee to gain financial benefits in exchange for their efforts and abilities. However, compensation management is not only limited to paternalistic and financial benefits and opportunities. Still, it has also included non-financial benefits incorporating the prospects of benefitting the employees with holidays, vacation and mandated leaves. Employees need to be motivated by their job roles and responsibilities.

Q3. 3. Malini Sharma started her chain of 10 wedding boutiques approximately five years ago. She presently operates within South Delhi and has been enjoying record profits. Sharma’s wedding boutiques provide full-service amenities to future brides, including wedding planning services, custom fittings, and locating hard-to-find wedding dresses. Sharma’s customer service philosophy is that customers are number one and must be satisfied with their purchases. However, recently there has been a rise in complaints regarding the lack of friendly service being provided, and three long standing employees have threatened to leave unless their compensation is adjusted in response to servicing Sharma’s very demanding clients. Currently, she pays all of her staff the same base salary without any benefits. She feels this approach promotes equity and eliminates any perception of favoritism between employees regarding compensation. But now she has decided to rethink her compensation philosophy and needs your help.

a. What are the specific problems with Sharma’s current compensation program? (5 Marks)

b. Discuss the types of compensation programs and plans available to Sharma to motivate and retain her existing staff. (5 Marks)

Answer 3a.

Introduction

In the race of modern globalization, business organization and owners face the most critical issues in their compensation management due to the mismanagement and miscommunication of issues. Organizations often forget or ignore their employees and keep their customer’s main priority. This might lead to employer-employee

Answer 3b.

Introduction

As we have already studied earlier, a better compensation plan will help the employee and the other potential candidates retain and sustain their engagement in employment in the organization by offering better benefits and direct monetary compensation ideas. Employees are considered one of the most valuable assets of an organization.

 

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