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MU0015 Compensation and Benefits

1 What do you mean by Compensation Management? Explain the non-compensation dimensions.

Answer: Compensation Management

According to Stephen P. Robbins, Davis A DeCenzo, Robin Stuart-Kotze and Eileen B. Stewart, the authors of “Fundamentals of Management”, “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”.

2 Discuss the classification of Employee Benefits. What are the factors that influence the choice of a benefit program?

Answer: Classification of Employee Benefits The benefits of the employees are classified into several aspects, which are as follows:

3 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?

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 realise these advantages there must be some safeguards known as pre-requisitions of effective incentive plans.

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

Answer: A pay/salary structure refers to the collection of salary grades, bands or levels, connection of related jobs within a series or hierarchy which helps the organisation in providing a framework for the implementation of various policies and reward strategies within the organisation. Various salary structures are connected with varying types of salary progression arrangements.

5 Explain the process of designing a successful Reward Strategy

Answer: Process of Designing a Successful Reward Strategy

The best reward strategy depicts the requirements of firms and its employees. Most of the firms stumble at the foremost obstacle when it comes to designing a reward strategy that will work for them.

6 Write a short note on the following:

a)Wage Policy Plan in India

Answer: The plans of wages in India are explained as follows: b)Voluntary Retirement Scheme(VRS)

Answer: Voluntary Retirement Scheme (VRS) is the most common method which is used by organisations to reduce excess manpower.

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