Unit I:
Introduction to Compensation Management Introduction –Definition of
Compensation Management - objectives of compensation – Principles of
Compensation Management – Importance of Compensation Management - Types of
wages. Exploring and Defining the compensation context – Intrinsic compensation
- Extrinsic compensation -- Compensation Trends in India. - The 3-P
compensation concept
Unit II:
Compensation Planning & Bases of Compensation Compensation and its
components - Compensation Planning: Level, Structure and Systems Decision –
Compensation level planning- factors influencing compensation level planning :
internal factors and external factors. Traditional Bases for Pay-Seniority and
Longevity PayMerit Pay- Performance Appraisal- Methods- Biases -Strengthening
the Pay for Performance Link- Possible Limitations of Merit Pay
Unit III: Incentive Pay & Other Pay
Systems Exploring Incentive Pay- Contrasting Incentive Pay with Traditional
Pay. Individual IncentivesTypes of Individual Incentives- Advantages and
Disadvantages. Group Incentives- Types of Group Incentives- Advantages and
Disadvantages. Companywide Incentives- Types- Designing Incentive Pay
Programmes. Person Focused Pay- Competency Based Pay, Pay for Knowledge and
Skill Based Pay, team based pay- Concepts.
Unit IV:
Designing Compensation System Building internally consistent Compensation
System - Creating Internal Equity through Job Analysis and Job Valuation -
Building Market Competitive Compensation System – compensation surveys -
Integrating Internal Job Structures with External Market - Building Pay
Structures that Recognise Individual Contribution : Constructing pay structure.
Pay structure variations – Broad banding- two tier pay structure.
Unit V: Contemporary Strategic Compensation International compensation – components of international compensation – Executive compensation – components of executive compensation - Compensating the Flexible .Workforce Contingent Employees – core and fringe compensation.
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