Compensation and Benefits Syllabus

 

COMPENSATION AND BENEFITS Objective:   Know what constitutes Total Rewards   Know how pay scales, grades, ranges and wages get decided   Reason why a particular company is a better pay master than t han 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 

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performance Explain how tax would be calculated for an employee and an employer Design a compensation survey and how to use the t he 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 

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Sr No

1

2

Harvard Business Review on Compensation by by Alfred Rappport, Alfie Kohn, Egon Zehnder   Reference Learning No of  Detailed Topics Learning Outcome Reading Methodology Sessns Know what constitutes Compensation Lecture Foundations of  compensation Management: Compensation:-   Compensation: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 companies 6 Understand the Labour market and Product market factors in deciding pay levels  levels   Compensation Apply how internal 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   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 

5

 

c)  Basic job Evaluation Methods d)  Work Measurement e)  Skill Plan, Skill Analysis & Competency

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

Based Approach

3

Salary and Wage Administration   Administration a)  Wage Determination process b)  Impact of Govt. Regulations, Unions & Collective Bargaining c)  Wage and Salary structure

 

d)  e) f)  g) 

4

CTC Perquisites Payroll Execution Taxation Issues on Compensation in India

Pay For Performance  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

5

6

Employee Benefits  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   groups

Compare the difference between salary and wages. Comprehend how wages are decided for blue collared workers if  unions are involved.

Lecture Compensation Mgmt- D K Bhattacharya

Case Study 2. 6

List the inputs required for payroll

Lecture Lecture and class contribution from the survey

Understand perquisites Explain income tax relationships and TDS

Explain why pay for performance plans are designed

Annual Report analysis

Milkovich

Explain what are the different types of P4P plans

4

Understand Team and Sales pay

Compare diff benefit plans in India Understand VRS and retirement plans Relate to the current statutory practices in India

DK Bhattacharya

Lecture & Discussion Sharing of  practical worksheets

2

1

 

a)  Compensation for Executives and Knowledge workers

7

International Compensation   Compensation a)  Expatriate Pay

Explain how compensation is structured at the senior management level

Lecture

Know how to devise

Lecture

1

compensation for expats Compensation Worksheets in Corporate  Corporate   8

Explain the procedure of  making practical worksheets in corporates

Demonstration 1 Excel Sheet calculations

Compensation Surveys

9

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

Lecture Assignment: To design a Compensation

4

Survey to assess the compensation trends in different sectors & presentations

TOTAL   TOTAL

30