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Master
of Business Administration - MBA Semester 4
MU0015
- Compensation and Benefits
Note:
Answer all questions must be written within 300 to 400 words each. Each
Question carries 10 marks 6 X 10=60.
Q1. (i) What is meant by “compensation
management”?
(ii) Organisations design out the employee
compensation packages based on some ‘compensation’ and ‘non-compensation’
dimensions. Describe in brief the ‘compensation’ dimensions.
(i)
Meaning of compensation management- 2
(ii)
Description of compensation’ dimensions- 8
Answer. i)
Compensation management is a process of determining cost-effective pay
structure designed to attract and retain the employees, provide an incentive to
work hard and structured to ensure that pay levels are perceived as fair. The
components of a compensation management system of
Q2. Explain the concept of Wage?
List down the pre-requisites of effective
Incentive schemes?
[Explain wage concept
Pre-requisites of effective Incentive schemes]
Answer. Wage Concept
Wages
in its broadest sense implies any kind of economic compensation received by the
employee from the employer under the contract of employment whereby the
employee renders some services to the employer. The term wage is used to define
different concepts like wage rate, gross
Q3. What do you understand by VRS (Voluntary
Retirement Scheme? Also list down reasons, merits and demerits of VRS?
Concept
of VRS
Reason
for adopting VRS by organization, Merits and demerits of VRS
Answer. Concept of Voluntary Retirement Scheme
(VRS)
Voluntary
Retirement Scheme (VRS) is the most common method which is used by
organisations to reduce excess manpower. It helps the employer not only to
compete and survive in this current business scenario but also improve his/her
performance. This scheme also
Q4. Discuss the Organizational and External
Factors Affecting Compensation strategies?
Answer. Organisational and External Factors
Affecting Compensation Strategies
1.
Individual factors: Organisations while designing compensation strategy
consider employees’ concern about compensation worth. In designing the compensation
strategy individual skill, knowledge, expertise, attitude, sex, work
environment and experience play an important role in fixing the level of the
job. The personality of an
Q5. Explain the elements of Managerial
remuneration?
Elucidate some of the economic determinants of
pay?
Elements
of Managerial remuneration
Economic
determinants of pay
Answer. Elements of managerial remuneration
1.
Base salaries: It is the first element of the managerial remuneration which is
analysed with the help of Job Evaluation and also serves as incentives also.
While evaluating the salary, Job Evaluation is just a part of it. An executive
is compensated on the basis of his competencies and also the performance of
his/her work. CEO’s base salary is determined with the help of
Q6. Who are ‘Expatriates’? What are the
objectives of ‘Expatriate compensation’? Differentiate between Financial
(extrinsic) compensation and Non-financial (intrinsic) compensation.
[Meaning
of expatriates- 2
Objectives
of expatriate compensation- 3
Difference
between Financial compensation & Non-financial compensation- 5]
Answer. Meaning of expatriates
The
demand for expatriate talents has increased as a result of rapid growth of
international
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