Description

SESSION	JUL – AUG 2024
PROGRAM	MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER	IV
COURSE CODE & NAME	DHRM401 COMPENSATION & BENEFITS

 

 

Assignment Set – 1

 

1. Explain compensation management along with different components of Compensation under both Indirect and Direct Compensation? Explain the process of value-based compensation design with a structure.

Ans 1.

Compensation Management
Compensation management refers to the strategic approach of designing and implementing policies and practices to reward employees for their work and contribution to the organization. It ensures employees receive fair and competitive compensation, which includes monetary and non-monetary benefits. Effective compensation management plays a critical role in attracting, motivating, and retaining skilled employees while aligning with the organization’s financial and

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2. Define concept of salary structure and elucidate different types of salary structure. Explain the various steps of salary designing.

Ans 2.

Concept of Salary Structure
A salary structure refers to the framework that outlines the compensation components for different roles within an organization. It includes the fixed pay, allowances, and variable pay elements for each role and level. A well-defined salary structure ensures fairness, internal equity, and alignment with market standards while complying with regulatory requirements.

Types of Salary Structures
There are several types of salary structures, each catering to specific organizational and industry

 

 

3. Define Wage Policy. Describe the fundamental principles around which the wage policy is built? Explain the advantages of collective bargaining.

Ans 3.

Wage Policy and Its Fundamental Principles

Definition of Wage Policy
A wage policy refers to a set of guidelines or principles adopted by an organization or government to determine fair and equitable compensation for workers. It provides a framework to regulate wages based on factors such as cost of living, industry standards, skill levels, and economic conditions. The primary objective of wage policy is to ensure a balance between employee welfare and organizational sustainability, while also contributing to economic growth

 

 

Assignment Set – 2

 

4. Define methods, systems, and processes of job evaluation. Explain the concept of Equity at both Internal & External levels.

Ans 4.

Job Evaluation Methods, Systems, and Processes

Job evaluation is a systematic process of assessing and comparing job roles within an organization to determine their relative value or worth. It helps in creating a fair and equitable compensation structure by ensuring that pay levels correspond to the complexity, skills, and responsibilities associated with each job.

Methods of Job Evaluation
There are several methods of job evaluation, each catering to specific organizational needs:

• Ranking Method:

 

5. Briefly explain the concept and nature of Employee Benefits. Explain perks, fringe benefits and service with examples.

Ans 5.

Concept and Nature of Employee Benefits

Employee benefits refer to non-wage compensations provided to employees in addition to their regular salaries or wages. These benefits are designed to enhance employee well-being, motivation, and job satisfaction. They form a crucial part of an organization’s compensation strategy, contributing to the overall value employees receive for their work. Benefits may include health insurance, retirement plans, paid leave, and various other perks tailored to the

and loyalty while ensuring organizational competitiveness.

 

 

6. Explain the principles of Managerial Remuneration. Briefly elucidate important features of Executive Compensation and elements of Managerial Remuneration.

Ans 6.

Principles of Managerial Remuneration

Principles of Managerial Remuneration
Managerial remuneration refers to the compensation provided to senior executives and managers in an organization. It is guided by principles that ensure fairness, alignment with organizational goals, and compliance with legal and ethical standards.

1. Fairness and Equity:
   Remuneration must reflect the responsibilities, skills, and contributions of managers