Download L T P/S SW/FW TOTAL CREDIT UNITS 3 0 0 0 3 Course Title

Course Title:Strategic Compensation Management
Course Code: HR 705
Credit Units: 3
Level:
L
T
P/
S
SW/F
W
TOTAL
CREDIT
UNITS
3
0
0
0
3
Course Objectives:
The course objective is to educate students in compensation taking into account the strategy and compliance factor by preparing them in dealing with the
dynamic nature of business. The aim of the course is to equip students with the development and maintenance of internally equitable and externally competitive
wage and salary programs.In addition to learningconcepts, approaches, techniques and terms, students will be able to scrutinize compensation structures.
Prerequisites:NIL
Student Learning Outcomes:






Discuss the strategic importance of compensation to the achievement of organizational goals.
Develop the basic competencies required for the development and management of compensation systems.
Explain the impact of legal requirements on compensation management
Identify and explain the rationale for the different types of incentive plans
Identify the significance of employee benefits to both employees and employers
Analyze, critique and recommend changes for compensation systems
Course Contents/Syllabus:
Weightage (%)
Module I:Foundation of Compensation Management
20%
Introduction to Pay Model, Defining Compensation, Concept of Wage, Economic Theory of Wages, Strategic
Perspectives of Compensation, Internal Alignment, Concept of Equity, Job Evaluation and Methods of Job Evaluation,
Hay Guide Chart, Competency Based Compensation
Module II: Designing Pay Level
15%
Defining External Competitiveness, Concept of Base Pay, Salary Progression, Contextual Influences on Pay –
Allowances: Legal and Unrestricted, Legal Compulsions in Compensation - Labor Laws Applicable to Compensation,
Pay Commission, Wage Board and Wage Agreements
Module III:Benefits and Social Security
15%
Defining Benefits, Mandatory Benefits, Benefit Determination Process, Discretionary Benefits, Employee Stock Option
Plans, Designing Social Security, Retirement / Pension Schemes, Factors affecting the Benefit Package, Administration
of Benefits and Services
Module IV:Pay for Performance
15%
Designing an Incentive Plan, Individual Incentive – Merit Pay, Commission, Team / Group Incentives , Gain sharing
and Profit Sharing, Concept of Bonus
Module V: Total Salary Structure and Administration
20%
Designing a Salary Structure, Benchmarking and Analyzing Salary Surveys, Ethics in Compensation, Broad Banding,
Flexible Salary Structure, Deductions and Payroll Management, Role of Union in Wage Administration
Module VI: Extending the Structure
Reward, Severance Pay, Golden Parachute, Pay for Senior Management, Compensation of Special Groups, International
Practices in Compensation and Benefits, International Pay Systems.
15%
Pedagogy for Course Delivery:The Course will be taught using lecture and case based methodology. Participants will be asked to review content on the
subject matter and discussion will be conducted in small groups. Exercises will be conducted in making students competent to design an incentive plan, social
security scheme and frame a salary structure.
Assessment/ Examination Scheme:
Theory L/T (%)
Lab/Practical/Studio (%)
Total
100%
-
100%
Theory Assessment (L&T):
Continuous Assessment/Internal Assessment
Components
(Drop Down)
Weightage (%)
Class Test
Project
Assignment
Attendance
End Term
Examination
10%
10%
5%
5%
Text:
MilkovichT. G., Newman M. J., VenkataRatnam C.S. (2013) ‘Compensation’, 9th Edition, Tata Mc Graw Hill, ISBN:0070151581
References:
Henderson, Richard I (2007) ‘Compensation Management in a Knowledge-Based World’, 10thEdition, Prentice Hall, ISBN:8131711102
Kumar H.L. (2013) ‘Labour Laws - Everybody Should Know’, 9th Edition Universal Law Publishing Company,ISBN: 9350353134
70%