Compensation and reward management, as a subject of study, has evolved considerably in recent years. In industry and in academia, this subject has received its renewed interest, particularly after global recession, when organizations have to rationalize their cost to sustain. On the one hand organizations faced the challenge of rationalizing the cost of compensation, and on the other organizations have the issues pertaining to employee retention and motivation. Keeping in view such criticality, this course has been designed to develop the knowledge of the students to understand the theories and the process of compensation design, aligning with the business goals and the strategies of the organizations. Students with input from the course would be able to understand the theories and conceptual issues in compensation design, and be able to design compensation. Executive compensation design, say on pay, sales compensation, performance related pay, international compensation design issues, etc. are now important areas of interest in compensation and reward management paper. All these are discussed with practical examples from the industry and case studies. With multiple compensation design exercises, students will develop also their professional competence.
3. Course Contents:
The course provides a thorough understanding of the major concepts of compensation and reward management. Discusses elaborately how compensation and rewards issues are aligned with the business goals and strategies of the organizations. Covers advance topics and focuses on quantitative aspects of compensation and rewards management. Introduces the new concepts on cost-to-company (CTC), `say on pay’, economic value added (EVA), performance related pay (PRP), executive compensation design, sales compensation design etc. The course is designed to develop students also as independent compensation and benefits professional, which is in much demand in consulting organizations.
4. Learning Objectives
After going through this course, students would be able to develop following skill-sets and knowledge base:
· Basic understanding of compensation and reward management issues · Strategic understanding of compensation and reward management issues · Effective compensation designing · Using compensation management practices for talent acquisition, retention, employee motivation, loyalty and commitment. · Understanding the international trend on compensation · Understanding the research implications on compensation and reward management 5. Learning Outcomes
At the end of this course, students are expected to develop:
· Proficiency in compensation design · Strategically align compensation with the business goals of the organizations · Optimize the cost of compensation · Rationalize compensation without ignoring the need for talent retention and motivation · Design effective sales compensation to support the organizational growth · Design rewards for increased level of employee engagement and motivation · Introduce performance related pay systems in organizations
6. Required Text Books and Reading Material
Compensation Management, Dipak Kumar Bhattacharyya, Oxford University Press, New Delhi, 2nd edition, 2014. Reference Text: Compensation, George T. Milkovich, McGraw-Hill Supplemental reading materials, as may be required will be given time to time.
7. Tentative Session Plan
5. Evaluation
· MCQs (two) 15 · Compensation Design Exercises 20 · Project Assignments 20 · Presentations 10 · End-term Examination 35
6. Academic Integrity
Students have to show highest level of academic integrity in writing their assignments, giving presentations, and answering to the exercises, including their end-term examination. Plagiarism, copying, etc, will be seriously viewed, and anybody found to be in this will be penalized, like; no grades, expulsion from the programme, repeating the programme, etc., depending on the nature of offense. Faculty will be available for on-line help also, as may be required by the students time to time. Personal meeting with the faculty, if required may be arranged with prior appointment.
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Table: Learning Goal Measurement and Assessment: Setting of Standards