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DRIVE-Summer 2015
Program/Semester- 4
MU0015 – COMPENSATION AND BENEFITS
Q1.
Explain compensation as a retention strategy. Describe the significant
compensation issues.
(Compensation
as a retention strategy, Significant compensation issues) 2, 8
Answer:
Today’s competitive and dynamic
environment, human resource management has to play a significant role in hiring
and retaining right kind of
Q2. Explain the steps involved in
designing a salary structure. List the components of pay structure. (Explanation
of steps involved in designing a salary structure, Listing the components of
pay structure) 7, 3
Answer: Here
are ten steps to develop a salary structure for your organization, with some
special considerations for international developing markets:
- Establish your compensation
philosophy. Each employer needs a policy
which outlines their desired market position. What percentile of the
market is your target? Which comparators are appropriate? Is
the target the same for all grades? A well-articulated compensation
policy provides valuable guidance for the development of a salary
Q3. Define the term ‘wage’. Write
a brief note on ‘wage policy’. (Definition of ‘wage’, Brief note on ‘wage
policy’ ) 2, 8
Answer:
Definition
Monetary
remuneration computed on hourly, daily, weekly, or piece work basis. A fixed
weekly or monthly wage is usually called a salary. See also wages.
Wage policy
The term ‘wage policy’ refers to all
systematic efforts of the Government in relation to a national wage and salary
system, The
Q4. Explain the concept of ‘tax
planning’ with an example. Explain its role in Compensation Benefits. (Concept
of tax planning, Role of ‘tax planning’ in compensation benefits) 5, 5
Answer: Concept
of tax planning
Tax planning is a process
individuals, businesses, and organizations use to evaluate their financial
profile, with the aim of minimizing the amount of taxes paid on personal income
or business profit. Effective tax planning entails analyzing investment instruments,
expenditures, and other factors such as filing status for their tax liability
impact. Accounting, finance, banking, and insurance firms all emphasize
slightly different aspects of tax planning in accordance with the types of
services
Q5. Define ‘reward management’.
What are its aims? Explain the factors affecting reward management policies in
service sector. (Definition of reward management, Aims of reward management,
Factors affecting reward management policies in service sector) 2, 2, 6
Answer: Definition
of reward management
Reward management involves the
analysis and effective control of employee remuneration. It covers salary and
all benefits. Reward management assesses the nature and the extent of rewards
and the manner in which they are delivered.
Aims of reward management
Te reward management strategies and
practices of an organization contribute to the improve- ment of organizational
performance by developing and operating reward systems which help to attract, retain and engage the people upon
which the business relies. Is chapter begins
with a definition of reward management and its aims, and an analysis of
the reward framework and
Q6. Who are ‘Expatriates’? What
are the objectives of ‘Expatriate compensation’? Differentiate between
Financial (extrinsic) compensation and Non-financial (intrinsic) compensation.
(Meaning of expatriates, Objectives of expatriate compensation, Difference
between Financial compensation & Non-financial compensation) 2, 3, 5
Answer:
Meaning : A person who has citizenship in
at least one country, but who is living in another country. Most expatriates
only stay in the foreign country for a certain period of time, and plan to
return to their home country eventually, although there are some who never
return to their
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