MU0015 –Compensation and Benefits

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ASSIGNMENT

DRIVE	SPRING 2014
PROGRAM	MBADS (SEM 4/SEM 6) MBAFLEX/ MBAN2 (SEM 4) PGDHRMN (SEM 2)
SUBJECT CODE & NAME	MU0015 –Compensation and Benefits
BK ID B1859	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.

MU0015 –Compensation and Benefits

1. Discuss the contents and 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

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

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.

4 What do you mean by reward management? Explain the factors affecting Reward Management policies in service sector.

Answer : Reward management is about the design, implementation, maintenance, communication and evolution of reward processes which help organizations to improve performance and achieve their objectives.

Reward processes are based on reward philosophies and strategies and contain arrangements in the shape of policies and strategies and contain arrangements in the shape of policies, guiding principles, practices, structures and procedures which are devised and managed to provide and maintain appropriate types and levels of pay, benefits and other forms of reward. This constitutes the financial reward aspect of the process which

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?

6 Write a short note on the following:

a)Compensation policies

Answer : Once you’ve done your research on where your current compensation stands relative to the market versus where you would like it to be, it’s time to write your compensation policy document. Here are some guidelines on how to write a clean and clear policy:

Watch the details. Be specific, but not so specific that you limit your ability to manage the program. For example, you may want to state that the

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Send your semester & Specialization name to our mail id :

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or

Call us at : 08263069601

(Prefer mailing. Call in emergency )