DHRM401 COMPENSATION & BENEFITS FEB MARCH 2025

Description

SESSION	FEB- MARCH 2025
PROGRAM	MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER	IV
COURSE CODE & NAME	DHRM401 COMPENSATION & BENEFITS

 

 

Assignment Set – 1

 

 

Q1. Explain the concept of Compensation Management by briefly explaining the 3p Parameters. 4+6           

Ans 1.

Concept of Compensation Management and the 3P Parameters

Compensation Management

Compensation Management is a strategic process that involves designing and implementing reward systems to ensure employees are compensated fairly, equitably, and competitively. It plays a vital role in motivating employees, retaining talent, and aligning employee performance with organizational goals. The primary aim is to attract skilled talent, motivate employees for better productivity, and retain them by offering a balanced and performance-driven compensation structure.

Significance of the 3P Parameters

The concept of Compensation Management is effectively explained through the 3P compensation model – Pay for Position, Pay for Person, and Pay for Performance. These three

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Q2. Explain compensation management and different compensation components under both Indirect and Direct Compensation. Explain the process of value-based compensation design with a structure. 5+5           

Ans 2.

Components of Compensation and Value-Based Compensation Design

Compensation Management

Compensation Management involves planning, developing, and managing a reward system that provides fair, equitable, and competitive remuneration to employees. It encompasses various components of pay that motivate employees to perform well and remain committed to the organization. These components can be broadly classified into direct compensation and indirect compensation, both of which play significant roles in an employee’s total earnings and job satisfaction.

Direct Compensation Components

Direct compensation refers to the monetary benefits directly paid to employees in exchange for

 

 

Q3. Explain the objective of Performance Management. Briefly explain the process of Performance Management by depicting it through a flow chart. 5+5   

Ans 3:

Objectives and Process of Performance Management

Performance Management is a systematic process used by organizations to improve individual and organizational effectiveness. Its core objective is to align employee activities with business goals to drive better results. This system involves setting clear expectations, monitoring performance, providing continuous feedback, and evaluating outcomes. One major goal is to develop employee potential through coaching, training, and performance reviews, ensuring they contribute optimally to the organization.

Another important objective is to enhance accountability and transparency in performance

 

 

Assignment Set – 2

 

 

Q4. Define the methods, systems and processes of job evaluation.  Explain the concept of Equity at both the Internal & External levels. 5+5

Ans 4.

Methods, Systems, and Processes of Job Evaluation

Job evaluation is the process of determining the relative worth of jobs within an organization to establish a fair and equitable pay structure. It helps eliminate pay inequalities by assessing each job’s value based on factors like responsibilities, skills, effort, and working conditions.

There are several methods and systems used for job evaluation:

1. Ranking Method

In this simple method, jobs are arranged in order based on their perceived importance or value

 

 

Q5. Define the Voluntary Retirement Scheme (VRS) concept and the reasons for adopting VRS. List Merits & Demerits of VRS? 5+5    

Ans 5.

Understanding the Concept of Voluntary Retirement Scheme (VRS)

The Voluntary Retirement Scheme (VRS) is a strategic tool adopted by organizations to reduce surplus staff strength in a humane and structured way. Under this scheme, employees are given the option to retire voluntarily before the actual date of superannuation, usually with attractive compensation benefits. VRS is not forced retirement; instead, it is a legally valid and mutually agreed-upon exit mechanism that offers monetary and other benefits to those who opt for it. It helps employers manage workforce optimization without resorting to layoffs, which can be

 

 

Q6. Explain the principles of Managerial Remuneration.  Briefly elucidate important features of Executive Compensation and elements of Managerial Remuneration. 10

Ans 6.

Principles and Features of Managerial Remuneration

Principles of Managerial Remuneration

Managerial Remuneration refers to the compensation paid to the top executives and key managerial personnel in an organization. It includes salaries, benefits, incentives, stock options, and other perks offered in return for their strategic leadership and managerial responsibilities. In India, managerial remuneration is regulated under the Companies Act, 2013, especially for public companies. The remuneration must be justified, transparent, and aligned with the