MU0015 –Compensation and Benefits

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DRIVE-Spring 2017

PROGRAM-MBADS (SEM 4/SEM 6)MBAFLEX/ MBAN2 (SEM 4)PGDHRMN (SEM 2)

SUBJECT CODE & NAME-

MU0015 –Compensation and Benefits

Q1.Discuss the contents of Job evaluation. Describe the process of Job evaluation.

(Explain the contents of Job Evaluation, Explain the process of Job Evaluation)

Answer.

Contents of Job Evaluation

Job content is evaluated based on work type, skills and knowledge required; value is evaluated based on each job's contribution to company goals. Three of the most commonly used methods of job evaluation, upon which other methods are based, can be customized to your company's specific needs.

Ranking

Q2.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 of Incentives.

(Explain the pre-requisites for an Effective Incentive Scheme, Explain the merits of Incentives)

Answer.

Pre-requisites for an Effective Incentive Scheme

These pre-requisites are as under:

·         The incentive scheme must be influenced by scientific work measurement like the standards set must be

·          

Q3.Discuss the types of managerial remuneration. Explain the elements of a managerial remuneration

(Explaining the types of managerial remuneration, explaining the elements of a managerial remuneration)

Answer.

Types of managerial remuneration

The term remuneration covers the following types of expenditure incurred by the company for its Director or his family –

·         Rent free accommodation;

·         Any benefit or amenity in respect of accommodation free of charge;

·         Any other benefit or amenity free of charge at a concessional rate;

Q4. Define Pay Structure. What are its objectives? Explain the major decisions involved in designing and setting competitive pay structures

(Definition of Pay Structure, Objectives of Pay Structure, Explain the major decisions involved in designing and setting competitive pay structure)

Answer:

Pay Structure

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

Q5.Explain the criteria’s considered for rewarding the employees for their good service

(Explanation of the criteria’s responsible for rewarding the employees)

Answer.

Criteria’s considered for rewarding the employees for their good service

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

1.      Analysing and surveying of staff: Conducting the surveys disregarded 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

Q6. Write a short note on the following:

A) Wage Policy Plan in India

B) Voluntary Retirement Scheme (VRS)

(Wage Policy Plan in India, Voluntary Retirement scheme)

Answer.

a)      Wage Policy Plan in India

Wages means all remuneration expressed in terms of money and includes remuneration payable under any award or settlement, overtime wages ,wages for holiday and any sum payable on termination of employment(bonus is not included. The wage policy in India is built around the following fundamental principles:

1. Equal compensation for an equal work performed

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