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COMPENSATION AND BENEFITS Objective: Know what constitutes Total Rewards Know how pay scales, grades, ranges

es and wages get decided Reason why a particular company is a better pay master than the others Reason why same jobs are paid differently in different organizations. Relate to compensation as a tool to attract, retain talent, and improve organizational performance Explain how tax would be calculated for an employee and an employer Design a compensation survey and how to use the data collected. Bibliography: Compensation by Milkovich & Newman Mc Graw Hill Compensation Management by D K Bhattacharya- OUP Compensation Management by Mousumi S. Bhattacharya & Nilanjan Sengupta- EXCEL KPMG Compensation & Benefit Surveys Harvard Business Review on Compensation by by Alfred Rappport, Alfie Kohn, Egon Zehnder Reference Learning No of Sr No Detailed Topics Learning Outcome Reading Methodology Sessns Foundations of Know what constitutes Compensation Lecture Compensation:compensation Management: a) Concepts of G Milkovich Lecture Constituents of Comprehend the and Newman Compensation. influences of C&B at b) Role of CB in an organizational Lecture and organization environmental and class discussion c) Strategic individual level Perspectives Relate that d) Compensation Compensation is not Structure and one size fit all and has differentials to be thought thru differently for different 1 companies 6 Understand the Labour market and Product market factors in deciding pay levels Apply how internal Compensation Lecture and a) Understanding the structures direct you Mgmt- D K discussions on Demand vs Supply towards a compensation Bhattacharya difference on side of Labour structure organizational b) Lead, Lag or structures in hybrid policies service v/s c) Forms of pay manufacturing levels, mix & companies structures Compensation Management & Job Design a) Why job Analysis? b) Why job evaluation? Explain how is minimum and maximum limit set for a particular set of jobs Experience tight rope walking while deciding the compensation

Lecture & Discussions Case Study 1

c) Basic job Evaluation Methods d) Work Measurement e) Skill Plan, Skill Analysis & Competency Based Approach Salary and Wage Administration a) Wage Determination process b) Impact of Govt. Regulations, Unions & Collective Bargaining c) Wage and Salary structure d) CTC e) Perquisites f) Payroll Execution g) Taxation Issues on Compensation in India Pay For Performance Pay for Performance Plans Classification of rewards and incentives Guidelines for effective incentive plans Non Monetary incentives Team Based Compensation Sales Compensation Plans ESOPs Employee Benefits a) Components of benefit plan b) Social Security & Statutory Benefits In India c) Fringe Benefits in India d) Retirement Benefits Compensation for special groups

policies Analyze relative worth of jobs Understand Skill inventory and relating it to Competency Based Model

Compare the difference between salary and wages. Comprehend how wages are decided for blue collared workers if unions are involved. List the inputs required for payroll Understand perquisites Explain income tax relationships and TDS

Lecture Compensation Mgmt- D K Bhattacharya Annual Report analysis Case Study 2. 6 Lecture Lecture and class contribution from the survey

Explain why pay for performance plans are designed Explain what are the different types of P4P plans Understand Team and Sales pay Compare diff benefit plans in India Understand VRS and retirement plans Relate to the current statutory practices in India

Milkovich

DK Bhattacharya

Lecture & Discussion Sharing of practical worksheets 2

a) Compensation for Executives and Knowledge workers International Compensation a) Expatriate Pay

Explain how compensation is structured at the senior management level

Lecture

Know how to devise compensation for expats Explain the procedure of making practical worksheets in corporates

Lecture

Compensation Worksheets in Corporate 8

Demonstration 1 Excel Sheet calculations

Compensation Surveys

Design a compensation survey Market Survey across different verticals Analyze data from the survey

Lecture Assignment: To design a Compensation Survey to assess the compensation trends in different sectors & presentations

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