PROGRAM - MBA

SUBJECT CODE & NAME - MU0015 Compensation and

Benefits
1. Discuss the contents of Job Evaluation. Describe the
process 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.
2. Job description: It is a written and general statement that outlines the skills,
education and training required by the potential employee to perform the
particular task.
3. Job classification: Here jobs are grouped with respect to their worth.
4. Job specification: It is a statement, which contains the qualifications and
characteristics of an employee, which are required for the successful task
completion.

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2. 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

If I was a HR Manager and I was asked to develop an effective incentives scheme for
my organization then following pre-requisites will be considered by me while
developing and 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.

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3. Discuss the types of managerial remuneration. Explain

the elements of a managerial remuneration
Types of managerial remuneration
Due to financial crises in the last two decades, the remuneration part of the
managers has changed drastically which affect their compensation structure.
Thus, 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. This type of pay is totally cash based managerial

remuneration component
become deferred.

and

over

a certain period of time these bonuses

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4. Define Pay Structure. What are its objectives?

Explain the major decisions involved in designing
and setting competitive pay structures
Definition of Pay Structure
A pay/salary structure refers to the collection of salary grades, bands
or levels, connection of related jobs within a series or hierarchy which
helps the organisation in providing a framework for the implementation of
various policies and reward strategies within the organisation. Various
salary structures are connected with varying types of salary progression
arrangements.
An organisation salary structure is thus a method of administering its salary
philosophy. The two main categories of pay structures are Internal Equity
(which is structured in a grid and

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5. Explain the various criteria 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.
Example: Lloyds Broking Group, despite having major growth in its business,
initiated its employee survey so as to assess the unease among its staff
members. The main reason for this is the

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6. Write a short note on the following:

a)Wage Policy Plan in India

b)Voluntary Retirement Scheme(VRS)
a) Wage Policy Plan in India
Wage policy can be defined as the principles which act as guidelines
for determination of a wage structure. It relates to all systematic efforts of
the Government in relation to a national wage and structure of wages.
Wage policy in India
The plans of wages in India are explained as follows:

The first plan (1951 to 1956) suggested that

pre-war levels of real wages should be restored as an initial march towards
living wage by use of enhanced productivity. It further suggested various
measures for making wage adjustments like reduction of disparities in
income, reduction of gap between the current and living wages,
maintenance and

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