HRM401 - Compensation and Benefits

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Master of Business Administration - MBA Semester 4

HRM401 - Compensation and Benefits

Set - 1

Note: Answer all questions must be written within 300 to 400 words each. Each Question carries 10 marks 6 X 10=60.

Q1. Discuss the contents of Job evaluation. Describe the process of Job evaluation.

Answer. Contents of Job Evaluation

The contents of job evaluation are as follows:

1. Job Analysis

It is a process through which required information about various aspects of jobs can be obtained. Job analysis involves two dimensions:

i. Job description

Under job description, a profile of job information is prepared indicating the duties, responsibilities and working condition of work. It explains about what the job entails.

ii. Job specification

Job specification indicates preparation of a specification statement which explains the necessary skills, knowledge and abilities required to perform the job.

Q2. Suppose you are a HR Manager and you are asked to develop an effective Incentive Scheme for your organization. What are the pre-requisites you will consider while developing an Effective Incentive Scheme? Discuss the merits of Incentives.

Answer. Pre-requisites of Effective Incentive Schemes

You can conclude by now that for all firms a well-designed system of wage payment can yield a number of advantages.  But it is also true that to realize these advantages there must be some safeguards known as pre-requistions of effective incentive plans.

Q3. Discuss the types of managerial remuneration. Explain the elements of a managerial remuneration

Answer. Managerial remuneration is compensation for services provided to a company in a managerial capacity. This can include cash payments, along with benefits like stock options, health insurance, and bonuses. Managers are typically paid more than the people they supervise, although they tend to make less than the executives at the head of the company. Some pay structures are transparent, making it easy to determine how much money managers make, while others may be confidential.

Set - 2

Q1. Define Pay Structure. What are its objectives? Explain the major decisions involved in designing and setting competitive pay structures.

Answer. A pay structure is a collection of pay rates or pay ranges. Structure setting and adjustment is the process of developing, adjusting, and maintaining a pay structure.

Q2. Explain the criterion’s considered for rewarding the employees for their good service.

Answer. In a business world where fewer workers are doing more, employers have "fallen way short of giving employees the recognition deserved and expected for a job well done,” Guld says. Providing that recognition requires developing award criteria.

Q3. Write a short note on the following:

A) Wage Policy Plan in India

B) Voluntary Retirement Scheme (VRS)

(Wage Policy Plan in India, Voluntary Retirement scheme)

Answer. a) Wage Policy Plan in India

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