2nd
set
Solved
Assignments for Rs.150 each
08627023490
Fall-2013
Master of
Business Administration - MBA Semester 4
MU0015–Compensation
and Benefits-4 Credits
(Book ID:
B1859)
Assignment
(60 Marks)
Note: Answers
for 10 marks questions should be approximately of 400 words. Each question is
followed by evaluation scheme. Each Question carries 10 marks 6 X 10=60.
Q1. (I) what is meant by
“compensation management”?
(ii) Organizations design out the
employee compensation packages based on some ‘compensation’ and
‘non-compensation’ dimensions. Describe in brief the ‘compensation’ dimensions.
Answer. Compensation management is a general policy, implemented in
conjunction with specialized software, designed to help an organization
maximize the returns on available talent. The ultimate goal is to reward the
right people to the greatest extent for the most relevant reasons. The ideal
compensation management policy ensures that the best talent will remain with
the organization while attracting new talent and minimizing turnover. In
conjunction with benefits administration and
Q2. Explain the steps involved in
designing a salary structure. List the components of pay structure.
Answer. Steps:
1. Establish your compensation
philosophy. Each
employer needs a policy which outlines their desired market position. A
well-articulated compensation policy provides valuable guidance for the
development of a salary structure. In
large organizations, there is often a corporate policy which forms the basis
for local policies.
2. Gather
Q3. Define the term ‘wage’. Write a
brief note on ‘wage policy’.
Answer. "Wages" means all remuneration paid for
services rendered by an individual, including commissions and bonuses and the
cash value of all remuneration paid in any medium other than cash. Gratuities
customarily received by an individual in the course of his employment from
persons other than his employer and reported by the individual to his employer
shall be treated as wages paid by his employer.
Q4. Explain the concept of ‘tax
planning’ with an example. Explain its role in Compensation Benefits.
Answer. Tax planning
is a process individuals, businesses, and organizations use to evaluate their
financial profile, with the aim of minimizing the amount of taxes paid on
personal income or business profit. Effective tax planning entails analyzing
investment instruments, expenditures, and other factors such as filing status
for their tax liability impact. Accounting, finance, banking, and insurance
firms all emphasize slightly different aspects of tax planning in accordance
with the types of services they provide
Q5. Define ‘reward management’. What
are its aims? Explain the factors affecting reward management policies in
service sector.
Answer. Reward management involves the analysis and effective
control of employee remuneration. It covers salary and all benefits. Reward management
assesses the nature and the extent of rewards and the manner in which they are
delivered. Reward management aims to create and efficiently operate a reward
structure for an organization. Reward structure usually consists of pay policy
and practices, salary and payroll administration, total reward, minimum wage,
executive pay and team reward.
Q6. Who are ‘Expatriates’? What are
the objectives of ‘Expatriate compensation’? Differentiate between Financial
(extrinsic) compensation and Non-financial (intrinsic) compensation.
Answer. Expatriates:
A person who
has citizenship in at least one country, but who is living in another country. An
expatriate can also be an individual who has relinquished citizenship in their
home country to become a citizen of another. If your employer sends you from
your job in its New York office to work for an extended period in its
Solved
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