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DRIVE-SPRING 2014
PROGRAM-MBADS (SEM
4/SEM 6) MBAFLEX/ MBAN2 (SEM 4) PGDHRMN
(SEM 2)
SUBJECT CODE &
NAME-MU0015 –Compensation and Benefits
BK ID-B1859
CREDIT & MARKS-4
Credits, 60 marks
Q1. Discuss the
contents and process of Job evaluation
(Explain the
contents of Job Evaluation, Explain the process of Job Evaluation) 3,7
Answer.
Contents of Job
Evaluation
The contents of job evaluation
are as follows:
1. Job analysis: It
is the process of examining the job content by breaking it down into its
functions, elements, tasks, operations and processes.
Q2. 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? Discuss the merits and demerits of
Incentives
(Explain the
pre-requisites for an Effective Incentive Scheme, Explain the merits and
demerits of Incentives) 5, 5
Answer.
Pre-requisites
for an Effective Incentive Scheme
These pre-requisites are as
under:
1. The workers’ co-operation is
mandatory in execution of incentive schemes. The co-operation is required in
respect of methods adopted for analysis of result or output on basis of which
payment is done, the setting wage rate methods for different work categories
and prerequisites relating to job security, earnings and dispute settlement regarding
work standards.
Q3. Discuss the
types of managerial remuneration. Explain the elements of a managerial
remuneration
(Explaining the
types of managerial remuneration, Explaining the elements of a managerial
remuneration) 2, 8
Answer.
Types of
managerial remuneration
Managerial remuneration comprises
of two important pays which are as follows:
1. Short term pay: The
short term remuneration is related to the bonuses (short term) and the base pay
which are usually paid to the managers according to their performance in the
organisation.
Q4. What do you
mean by reward management? Explain the factors affecting Reward Management
policies in service sector.
(Meaning of Reward
Management, Explain any eight factors affecting Reward Management policies)2,8
Answer.
Reward
Management
Reward Management basically
refers to the implementation, evaluation and formulation of processes, policies
and strategies which are needed so as to ensure that the people’s contribution
towards the form is recognised by both the monetary as well as non – monetary
means. The basic purpose of Reward Management is to reward the employees equitably, consistently and fairly with
respect with their value to the firm and also to help the firm to achieve is
overall
Q5. Explain the
criteria’s considered for rewarding the employees for their good service
(Explanation of the
criteria’s responsible for rewarding the employees)10
Answer.
Criteria’s
considered for rewarding the employees for their good service
The
criteria for rewarding the employees
for their good service in the firm are as follows:
1. Analysing and surveying
of staff: Conducting the surveys is regarded as one of the most
critical challenge for the firms when it comes to motivate their employees. For
this the firm must deeply understand their employees as well as their culture.
Thus for this, they have created “Culture Critique” by using the staff focus
groups and also one-to-one interviews for both current and existing employees.
2. Build up a checklist of
service quality: As checklist may differ from firm to firm according to
their size and internal factors, today many firms are using Business Excellence
model as a diagnostic tool. This tool helps the organisation in showing how the
customer satisfaction is linked to people issues.
3. Creating a motivational
environment by providing training to the managers: Many service
organisations provide training to their managers in motivation
and leadership with the help of following five steps:
·
Making the workplace fun
·
Providing the specific and copious recognition
for the task which employees perform
·
Offering targeted and frequent rewards
·
Making communication influential and credible
·
Rewarding the loyalty of employees
4. Giving positive
feedback: A ‘well done’ and ‘Thank you’ from managers is very
influential for the employees than token or monetary reward.
Example: FedEx rigorously champions
managers as servicing their employees to service the customer.
5. Establishing a league
table of service performance: Nowadays many organisations especially
retailers such as Pizza Hut use survey for their customer satisfaction as well
as use mystery shopping so as to examine their outlet’s performance.
6. Feedback to the
compliments and comments of customers: Kwik- Fit keeps a customer
correspondence folder in each Depot reception area, publicizing positive
letters customers has written. It rings up customers on a daily basis and publicises
the results internally.
7. Issue Achievement
Certificates: An achievement certificate such as token award can become
highly prized when employees achieve defined standards of customer service and
skills level.
8. Link Bonuses to customer
satisfaction: Not only for the managers but also for the service staff,
bonus payment which is a variable element becoming a very vital component of
organisations. Bonuses are often linked to the Profit Achievement.
9. Implement 360 degree
appraisal method: As satisfied customers are closely linked to the
satisfied employees, many firms are encouraging input by employees as well as
customers into a manager’s all round 360 degree feedback.
Q6. Write a short
note on the following:
A) Compensation
policies
B) Economic
determinants of pay
(Concept and Aims
of Compensation policies, Concept of Economic Determinants of Pay) 5, 5
Answer.
A) Compensation
policies
Compensation policy is a written
document, rather a commitment of the organisation to ensure the concept of equity,
easing out payments, providing opportunities to grow or earn more so as to make
it cost effective. Compensation policy is therefore an important commitment of
the company and obligation of the government to recognise the need of
developing the community of employees. As a written document, it reflects the
intention and objectives of the
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