Compensation & Benefits - NMIMS

 

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Compensation & Benefits

Dec 2020

 

1.      DEVELOPERS Ltd. is a newly set up startup operating in education technology. Company is in the process of establishing a compensation system. You are hired as an HR Consultant for the same. Your first task is to recommend a pay structure for the employees working for the start up. What components will form a part of pay structure for this start up? (10 Marks)

 

SOLUTION:

 

Introduction:

 

Compensation is a vital area of human resource (HR) management. It can positively affect employee behavior and plays an integral part in employee retention strategies. It must be decided in such a manner that the employees find it fair, at par with the industry standards, motivating, and easy to understand. Every entrepreneur faces this essential question on how to decide on the payment to its employees during the start-up stage when finances are tight and the business has yet to prove itself. In such a situation, the employers must design a compensation plan that can retain and motivate the employees because, after all, employees are the ones who will help the start-up to achieve its business goals and objectives.

 

 

 

2.      WESTEROS Automobiles Ltd. is a leading two wheeler manufacturing company of India. The company is planning its international expansion in African continent. It has decided to start its operations in Nigeria. You are heading the HR Function in this new project and you are told by the company Directors to undertake a compensation survey in Nigeria so that important compensation can be made in the company. Discuss the process that you will follow to conduct compensation survey in Nigeria? (10 Marks)

 

SOLUTION:

 

Introduction:

 

HR may hear several things from various sources regarding how to create an effective workforce strategy. Still,

 

3.      INFOTECH is a well-known IT Company in India since 1995. Off late the company is facing a problem of high employee turnover. To address this issue, company is considering few employee retention strategies. In this background, answer the following:

 

a.      Explain how will you convince the management to start the ESOPs? (5 Marks) 3

 

SOLUTION:

 

Introduction:

 

Every organization wants to hire the best talent and keep them intact in the organization. But talent always has a cost. Saving the best talent is a significant issue often faced by HR professionals. High Employee turnover may tarnish the image of the company. Further, an employee who stays longer in the organization is more likely to be connected to its goals and objectives.

But in the present-day scenario, when the companies face a shortage of skilled talent and attracting, retaining, and motivating quality people is not an easy task for the HR professionals to

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