Description

SESSION FEB-MAR 2024
PROGRAM MASTER IN BUSINESS ADMINISTRATION (MBA)
SEMESTER IV
COURSE CODE & NAME DHRM401 – COMPENSATION & BENEFITS

Assignment Set – 1

1. Explain concept of Compensation Management by briefly explaining the 3P Parameters
Ans 1.
Compensation Management and the 3P Parameters
Compensation Management is a method to make sure that a business’s compensation system is
equitable and competitive. It is also aligned with the company’s goals as well as demands of
employees. It includes all kinds of financial returns as well as the tangible services and benefits
employees get as part of an employment agreement. Effective compensation management is
crucial in attracting, retaining and motivating employees, thus making a difference to the overall
success of the company.
One of the most widely used frameworks in pay management has been one that is widely used in
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2. 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 2.
Compensation Management and its Components
Compensation management is a methodical process of providing value in money to employees in
exchange in exchange for their services. It involves designing and implementing techniques to
assure that the amount of compensation is fair, equitable, and competitive, aiming to retain,
attract and encourage employees. Compensation is generally classified into two broad types:
indirect and direct compensation.
Direct Compensation refers to the financial reward given to employees for their hard work and
3. Explain the objective of Performance Management? Briefly explain the process of
Performance Management by depicting thru a flow chart.
Ans 3.
Objective of Performance Management
Performance management is an approach to strategic planning focused on improving
organizational performance by enhancing the efficiency of employees. Its primary objective is to
align individual performance with the overall goals for the company, ensuring that employees
contribute positively to business objectives. This method is designed to ensure that the
employees’ actions and outputs align with the organization’s standards and are carried out in a
Assignment Set – 2
4. Define methods, systems and process of job evaluation? Explain the concept of Equity at
both Internal & External level.
Ans 4.
Methods, Systems, and Processes of Job Evaluation
A systematic method used by organizations to evaluate the relative value as well as the
significance, size and weight of each job within the organization. The primary goal of job
evaluation is to establish an equitable and fair wage structure. There are numerous ways and
methods employed for job evaluation.
1. Ranking Method: This is the most straightforward method of job evaluation. Jobs are
compared together then put in order from highest to the bottom, based on their
importance or the degree of complexity. The most significant benefit of this ranking
5. Define concept of Voluntary Retirement Scheme (VRS) and reasons for Adopting VRS.
List Merits & Demerits of VRS?
Ans 5.
Methods, Systems, and Processes of Job Evaluation
Job evaluation: The job evaluation is a process utilized to determine the value of jobs within an
organization. It aims to establish an equitable and fair pay structure by evaluating the job role
based on their duties responsibility, the requirements for the skills needed.
Methods of Job Evaluation:
 Ranking Method It is a method of ranking jobs from highest to lowest based on their
overall value to the organization. It is simple but can be a subjective process.
 Classification/Grading Method: Jobs are grouped into pre-determined classes or grades,
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
The term “managerial remuneration” refers to the compensation provided to the top management
and executives within an organization. The principles that guide managerial remuneration strive
to ensure fairness the competitiveness of the company, as well as alignment with the objectives
of the company as well as performance.
Fairness and equity: One important principle is fairness and equity, which guarantees that
compensation is commensurate with the duties and performance of managers. This principle is
vital to keeping internal equity in check, preventing the feeling of discontent and instilling a