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COMPENSATION
AND BENEFIT
December 2022 Examination
Q1.
Your company, an Agritech startup which had a humble beginning is now gone for
merger with a big MNC. Looking at that now the new management has decided to
formulate compensation strategies. Before penning down the strategies, the HR
Manager considers it necessary to identify factors that influence the
compensation strategies. You, as an employee of HR Department, are assigned
this task of identifying these factors.
(10 Marks)
Ans
1.
Introduction
Compensation is among the most compelling motivators for
discussions between representatives and managers. Representatives provide the
business with such support. They contribute their time, energy, abilities, and
information to the club. About this obligation, the manager pays the worker.
Workers are rewarded based on their efforts, work suggestions, and
implementation capability. Several various other internal and external
variables impact compensation.
Q2.
In the past few years your organization has achieved marvelous results and had
manifold growth. The success of the organization has skyrocketed based on which
you are opening up a subsidiary in various other foreign(country) locations.
You as HR manager has to device an international compensation. To your
management present what is an international compensation and its the key
components (discuss all components in detail) (10 Marks)
Ans
2.
Introduction
Objective.
Planning and promoting premium compensation packages for HR professionals for
global assignments requires information regarding taxation, organization
regulations, and financial fluctuations that HR professionals are unfamiliar
with. A country's financial situation should likewise be considered when
promoting compensation packages. Advertising and marketing a compensation
package to citizens of your residence nation is not tricky; however, managing
citizens of the host nation and 3rd countries is tough. Global Compensate is
the internal return price (financial or non-monetary reward/bundle) that
includes base remuneration, advantages, benefits, and long-term and one-time
incentives. It is an act of performance for attaining the organization's
suitability—evaluated by employees according to their relative dedication.
Q3. Food & Health Pvt Ltd is a
wholesome and organic food chain which after capturing a huge and overwhelming
success in the online market is now venturing into retail business. The HR is
now confused because earlier all their employees were part time or work from
home but now, they have to engage people in full time capacity. You are an
Asst. Manager HR and have been asked by your senior to do work on this issue.
You have an idea to formalize this through compensation survey
a.
Explain to them what is salary /compensation survey and how will it serve
purpose in Food & Health? (5 Marks)
Ans
3a.
Introduction
Salary
surveys provide unique information for organizations that intend to establish
compensation and draw in and retain the very best abilities. This example
explores the objective and importance of salary and benefits surveys. Salary
surveys provide an excellent collection of information for companies wanting to
establish compensation and bring in and retain the very best abilities. In this
diagram, you will discover the function and significance of a salary and
advantages survey.
Concept
and Applications
Characteristics of Surveys
b.
Explain to them types of survey, which you would want to do and suggest which
would be best suited for the organization. (5 Marks)
Ans
3b.
Introduction
Different
surveys have different demands. "What sort of survey should I use?"
you ask. "What kind of survey should I use?" you ask. There are
different surveys to concentrate on as different surveys meet different needs.
Below's a review of the top 10 research strategies scientists use today.
Concept
and Applications
Interviews
Additionally
known as face-to-face
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