Course Details
Subject {L-T-P / C} : SM6351 : Employee Compensation and Benefits Managemen { 3-0-0 / 3}
Subject Nature : Theory
Coordinator : Prof. Chandan Kumar Sahoo
Syllabus
Introduction: Conceptual Framework of Compensation Management, Components of Compensation, Concept of Wages – Minimum Wages, Fair Wages, Living Wages and CTC, Theories of Wages, Job Evaluation. Compensation at Macro Level: Wage and Salary Administration, Wage Differentials, Wage Fixation, Methods of Wage Determination in India. Compensation at Micro Level: Compensation Practices of Multinational and Global Organizations, Incentive Based Pay Systems, Executive Compensation Practices of MNCs. Employee Compensation and Performance Linked Compensation: Employee Compensation, Incentive Payment, Types of Incentive Plans. Wage and Social Security Legislations: Minimum Wages Act, 1948, Payment of Wages Act, 1936, Payment of Bonus Act, 1965, Equal Remuneration Act, 1976, Workmen’s Compensation Act, 1923, Employees’ State Insurance Act, 1948, Employees’ Provident Funds and (Miscellaneous Provisions) Act, 1952, Payment of Gratuity Act 1972, Maternity Benefit Act, 1961.
Course Objectives
- To comprehend and analyse the components of executive compensation, where executives are defined (for this course), as employees belonging to the senior level management cadre focuses on designing a package that pleases all the stakeholders of the organization.
Course Outcomes
This course is designed to promote the understanding of issues related to compensation in the corporate sector and impart essential skills in designing, analysis and restructuring compensation management system, policies and strategies.
Essential Reading
- Milkovich, Newman and Gerhart, Compensation, Tata McGraw Hill , 2010
- Martocchio, J. J., Strategic Compensation, Pearson Education , 2014
Supplementary Reading
- Henderson, R. I., Compensation Management in a Knowledge based World, Pearson Education , 2006
- Malik, P. L., Handbook of Labour and Industrial Law, Eastern Book Company , 2013
Journal and Conferences
- Compensation and Benefits Review
- HRM Review