Introduction To Compensation: Definition of Compensation, The Pay Model, Strategic PayPolicies, Strategic Perspectives of Pay, Strategic Pay Decisions, Best Practices vs. Best FitOptions
Defining Internal Alignment: Definition of Internal Alignment, Internal Pay Structures,Strategic Choices In Internal Alignment Design, Which Internal Structure Fits Best?
Job Analysis and Evaluation: Why Perform Job Analysis?, Job Analysis Procedures, JobAnalysis Data Collection Process, Job Descriptions, Definition of Job Evaluation, MajorDecisions In Job Evaluation, Job Evaluation Methods, Final Result – Pay Structure
Determining External Competitiveness and Benefits Management:Competitiveness: Definition of Competitiveness, Pay Policy Alternatives, Wage Surveys,Interpreting Survey Results, Pay Policy Line, Pay GradesBenefits: Benefits Determination Process, Value of Benefits, Legally Required Benefits,Retirement, Medical, & Other Benefits
Performance Based Compensation System:Employee Contributions: Pay For Performance (PFP): Rewarding Desired Behaviors, DoesCompensation Motivate Performance?, Designing PFP Plans, Merit Pay/Variable Pay, Individualvs. Group Incentives, Long Term Incentives. Compensation of Special Groups: Who are SpecialGroups?, Compensation Strategies For Special Groups
Legal & Administrative Issues in Compensation: Legal Issues, Pay Discrimination,Comparable Worth, Budgets and Administration
Global Compensation: Recognizing Variations, Social Contract, Culture & Pay, StrategicChoices In Global Compensation, Comparing Systems, Expatriate PayPractical Components• Students must prepare a comprehensive compensation plan to be offered to a SalesExecutive, A General Manager and The CEO of an organization.• Students to collect information from an IT organization regarding the Cost To Companyof an employee.• Students have to prepare questionnaire for conducting wage survey and carry out wagesurvey for any selected sector and prepare a report for the same.• Solve various case studies.• Students must compare and analyze compensation practices in different countries.• Students to calculate the bonus amount eligible to an employee working as a HRExecutive for the past 10 years in a automobile manufacturing organization.