HRM401 - Compensation and Benefits

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PROGRAM-MBADS (SEM 4/SEM 6)MBAFLEX/ MBAN2 (SEM 4)PGDHRMN (SEM 2)

HRM401 – Compensation and Benefits

CREDIT & MARKS - 4 Credits, 60 marks

Set-I

Q1. How do you design a salary structure? Explain in detail.

Designing a salary structure              10

Answer :

Designing a salary structure:

One of the critical areas in Human Resource Management is compensation which may affect the behaviour of the employee. The HR professional may design a sound salary structure for their employees. The simplest way to design the salary structure is as follows:

Step 1: Job analysis

It is a method of studying and identifying various jobs in the organization which result in description of job. The contents are as follows:

Q2. Discuss the contents of Job Evaluation. Describe the process of Job evaluation

Contents of Job Evaluation         4

Process of Job Evaluation           6

Answer.Contents of Job Evaluation:

Job content is evaluated based on work type, skills and knowledge required; value is evaluated based on each job's contribution to company goals. Three of the most commonly used methods of job evaluation, upon which other methods are based, can be customized to your company's specific needs.

Ranking

The ranking method ranks each position within your organization, from highest to lowest.

Points

The points job evaluation

Q3. What are the factors influencing choice of benefit program? Explain.

Factors influencing choice of benefit program         10

Answer :

Factors Influencing Choice of Benefit Program :

The word fringe is not appreciated by management practitioners on the ground that now-a-days benefits and service constitute substantial labour cost for any organization. They are no longer mere fringe costs or fringe items. They are important to managements, employees and unions alike. Similarly, the terms benefits and services are often used interchangeably by

Set-II

Q1. Write a note on The Worker Adjustment and Retraining Notification Act (WARN).

Also explain its relevance with reference to India.

The Worker Adjustment and Retraining Notification Act (WARN)     5

Relevance with reference to India                   5

Answer : The Worker Adjustment and Retraining Notification Act (WARN) :

The Worker Adjustment and Retraining Notification (WARN) Act is a federal law which was constituted on August 4, 1988, and became operational on February 4, 1989. It requires employers who have 100 or more employees to give an advance

Q2. Discuss the types of managerial remuneration. Explain the elements of a managerial remuneration.

Types of managerial remuneration                  2

Elements of a managerial remuneration          8

Types of managerial remuneration:

Due to financial crises in the last two decades, the remuneration part of the managers has changed drastically which affect their compensation structure. Thus, managerial remuneration comprises of two important pays which are as follows:

1.      Short term pay: The

Q3. Explain Performance based and Pay based Structures in detail.

Performance based Structures     5

Pay based Structures                     5

Answer:

Performance based pay structures:

Performance based pay structure is regarded as a far better deal not only for employees but also for employers. Rewarding the talented and best performers is a clear way of encouraging and motivating the employees. Now a days, many organisations are paying their employees according to their performances in order to strengthen and increase the linkage between rewards and performance outcomes. Performance

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