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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%