Spring-2015
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assignments at nominal price of Rs.120 each.
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Master of
Business Administration- MBA Semester 4
MU0015–Compensation
and Benefits-4 Credits
(Book ID:
B1859)
Assignment (60 Marks)
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) Organizations design out the
employee compensation packages based on some ‘compensation’ and
‘non-compensation’ dimensions. Describe in brief the compensation’ dimensions.
Answer. (i) Meaning of compensation
management -
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.
Multiple
Dimensions of Compensation
Money is a
one-dimensional linear tool for exchanging goods and services and measuring
wealth. We develop unfortunate misperceptions when we when project the linear
one-dimensional nature of money onto wealth, or quality of life, which are
non-linear multidimensional concepts. We've already looked at the
multidimensional nonlinear nature of wealth and the major dimensions by which
we spend our money. Now we wish to
Q2. Explain the steps involved in
designing a salary structure. List the components of pay structure.
Answer. Ten steps for building a
salary structure:-
1 -Establish
your compensation philosophy. Each employer needs a policy which outlines their
desired market position. What percentile of the market is your target? Which comparators are appropriate? Is the target the same for all grades? 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.
Q3. Define the term ‘wage’. Write a
brief note on ‘wage policy’.
Answer. A wage is monetary compensation (or
remuneration) paid by an employer to an employee in exchange for work done.
Payment may be calculated as a fixed amount for each task completed (a task
wage or piece rate), or at an hourly or daily rate, or based on an easily measured
quantity of work done.
A pronounced decline in manufacturing jobs occurred among
workers in the bottom decile, both for men and women. This partly reflected a
long term trend, but it also included the consequence of the 1991 recession,
which marked a
Q5. Define ‘reward management’. What
are its aims? Explain the factors affecting reward management policies in
service sector.
Answer. Definition of reward
management - Reward management is concerned with the formulation and implementation of
strategies and policies that aim to reward people fairly, equitably and
consistently in accordance with their value to the organization.
2. Aims of
Q6. Who are ‘Expatriates’? What are
the objectives of ‘Expatriate compensation’? Differentiate between Financial (extrinsic)
compensation and Non-financial
Answer. Meaning of expatriates 'Expatriate' An individual living in a country
other than their country of citizenship, often temporarily and for work
reasons. An expatriate can also be an individual who has relinquished
citizenship in their home country to become a citizen of another.
Objectives of expatriate compensation - Major
objectives on which most of the expatriate compensation plans are designed are
mentioned below:-
Most
expatriate compensation plans are designed to achieve four major objectives:
1. Attract employees who
Spring-2015
Get solved
assignments at nominal price of Rs.120 each.
09882651000, 08894387490
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