MU0015- COMPENSATION AND BENEFITS

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ASSIGNMENT

DRIVE	WINTER2016
PROGRAM	MBA
SEMESTER	4
SUBJECT CODE & NAME	MU0015- COMPENSATION AND BENEFITS
BK ID	B1859
Credit & Marks	4 CREDIT, 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.

Question.1. Discuss the contents of Job Evaluation. Describe the process of Job evaluation

Answer:Content of Job Evaluation

The contents of job evaluation are as follows:

·       Job analysis: It is a process of examining the job content by breaking it down into its functions, elements, tasks, operations and processes.

·       Job description: It is a written and general

Question.2. Suppose you are a HR Manager and you are asked to develop an effective IncentiveScheme for your organization. What are the pre-requisites you will consider whiledeveloping an Effective Incentive Scheme? Discuss the merits and demerits ofIncentives

Answer:Merits of the Incentive System

Incentive system of wage distribution has

Question.3. Discuss the types of managerial remuneration. Explain the elements of amanagerial 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.

Question.4. Define Pay based Structure. What are its objectives? Explain the major decisionsinvolved in designing and setting competitive pay structures

Answer: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 reward strategies within the organisation. Various salary structures are connected with varying types of salary progression arrangements.

The Process of establishing pay structure consists of

Question.5. Explain the various criteria considered for rewarding the employees for their goodservice

Answer:The criteria for rewarding the employees for their good service in the firm are as follows:

·       Analyzing and surveying of staff: Conducting a survey is regarded as one of the most critical challenge for the firms when it comes to motivate their employees. For this the firm must deeply understand their employees as well as their culture. Thus for this, they have created “Culture Critique” by using the staff focus groups and also one-to-one interviews for both current and existing employees.

Question.6. Write a short note on the following:

a) Wage Policy Plan in India

Answer:Main objectives of national wage policy in India are discussed below:

One of the objectives of economic planning is the raising of the standard of living of the people. This means that the benefits of planned economic development should be distributed among the different sections of the society.

b)Voluntary Retirement Scheme(VRS)

Answer:Voluntary retirement scheme is a method used by companies to reduce surplus staff. This mode has come about in India as labour laws do not permit direct retrenchment of unionized employees.

VRS applies to an employee who has completed 10 years of service or is above 40 years of age. It should apply to all employees (by whatever name

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