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DRIVE SPRING 2016
Program MBA
Semester 4
Subject code & name MU0015- COMPENSATION AND BENEFITS
1.
(i) What is meant by “compensation management”?
(ii)
Organisations design out the employee compensation packages based on some
‘compensation’ and ‘non-compensation’ dimensions. Describe in brief the
‘compensation’ dimensions.
[(i) Meaning of
compensation management- 2
(ii) Description
of compensation’ dimensions- 8]
Answer: i) Compensation
management is a process of determining cost-effective pay structure designed to
attract and retain the employees, provide an incentive to work hard and
structured to ensure that pay levels are perceived as fair. The components of a
compensation management system of
2.
Explain the concept of Wage?
List
down the pre-requisites of effective Incentive schemes?
[Explain wage
concept
Pre-requisites
of effective Incentive schemes]
Answer: Wage Concept
Wages in its
broadest sense implies any kind of economic compensation received by the
employee from the employer under the contract of employment whereby the
employee renders some services to the employer. The term wage is used to define
different concepts like wage rate, gross
3.
What do you understand by VRS (Voluntary Retirement Scheme? Also list down
reasons, merits and demerits of VRS?
Concept of VRS
Reason for
adopting VRS by organization, Merits and demerits of VRS
Answer: Concept of
Voluntary Retirement Scheme (VRS)
Voluntary
Retirement Scheme (VRS) is the most common method which is used by
organisations to reduce excess manpower. It helps the employer not only to
compete and survive in this current business scenario but also improve his/her
performance. This scheme also
4.
Discuss the Organizational and External Factors Affecting Compensation
strategies?
Organizational
and External Factors Affecting Compensation strategies
Answer: Organisational
and External Factors Affecting Compensation Strategies
1.
Individual
factors: Organisations
while designing compensation strategy consider employees’ concern about
compensation worth. In designing the compensation strategy individual skill,
knowledge, expertise, attitude, sex, work environment and experience play an important
role in fixing the level of the job. The personality of an
5. Explain the elements of Managerial
remuneration?
Elucidate
some of the economic determinants of pay?
Elements of
Managerial remuneration
Economic
determinants of pay
Answer: Elements of
managerial remuneration
1. Base salaries: It is the first
element of the managerial remuneration which is analysed with the help of Job
Evaluation and also serves as incentives also. While evaluating the salary, Job
Evaluation is just a part of it. An executive is compensated on the basis of
his competencies and also the performance of his/her work. CEO’s base salary is
determined with the help of
6.
Who are ‘Expatriates’? What are the objectives of ‘Expatriate compensation’? Differentiate
between Financial (extrinsic) compensation and Non-financial (intrinsic)
compensation.
[Meaning of
expatriates- 2
Objectives of
expatriate compensation- 3
Difference
between Financial compensation & Non-financial compensation- 5]
Answer: Meaning of expatriates
The demand for
expatriate talents has increased as a result of rapid growth of international
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