MS – 27 - Wage and Salary Administration

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MS – 27 - Wage and Salary Administration

1. Explain the role of Compensation. Why is an effective Compensation Policy an important function of Management? Discuss.

Answer : Compensation can include monetary and non-monetary components. Compensation often includes an employee’s base salary and additional benefits, such as health insurance, retirement plans and performance bonuses. The compensation packages a business offers to employees affects the company’s recruitment rate, retention rate and employee satisfaction. Several federal laws affect the compensation that businesses offer. A business owner should understand the importance of compensation and the prevailing laws to remain competitive in the market.

Recruitment

The compensation packages that businesses offer to employees play an important role in the company’s ability to attract top talent as job candidates. Top-performing employees greatly impact the competitiveness and productivity of a small

b. Describe the compensation structure of an organisation you are familiar with.

Answer : The design process is started by identifying desired outcomes and goals for your organization. This is often referred to as developing your compensation philosophy. Your philosophy is formed by considering a number of factors. The balance of direct and indirect rewards, the complexity and responsibility of a role and the candidate or employee filling it, as well as your focus on internal versus external equity are just few factors explored in this section. It is the ability to achieve results that is critical to organizational success.

Compensation can be defined as all of the rewards earned by employees in return for their labour. This includes:

 Is the employer liable to pay minimum bonus even in case of loss in the establishment? Discuss.

Describe, when an employee can become disqualified to claim bonus citing suitable example from an organisation you are familiar with.

Answer : The Payment of Bonus Act, 1965 was enacted to provide for the payment of bonus to persons employed in certain establishments on the basis of profits or productivity and for the matters connected therewith. The Act applies to:- (i) every factory as defined under the Factories Act, 1948; and (ii) every other establishment in which twenty or more persons are employed on any day during an accounting year. However, the Government may, after giving two months' notification in the Official Gazette, make the Act applicable to any factory or establishment employing less than twenty but not less than ten persons.

The Act is enforced through the Central Industrial Relations Machinery (CIRM). CIRM is an attached office of the Ministry of Labour and is also known as the Chief Labour Commissioner (Central) [CLC(C)] Organisation. It is headed by the Chief Labour Commissioner (Central).

3. Explain the Concept of job-evaluation. Describe the methods and systems of job-evaluation that have been followed in an organisation you are familiar with. Discuss the advantages and disadvantages of them.

Answer : Job evaluation is concerned with a process of establishing value of different jobs. job evaluation provides a basis for ranking or grading different jobs and developing a pay structure for them. It is the process of describing the duties, authority relationships, skills, condition of work and other relevant information related to jobs. It supplies useful data and information to develop job description and specification documents.

4. Explain what is Performance Linked Reward System? Describe various steps involved in designing a Performance Linked Reward System. Examine the current issues and trends in linking performance with reward system of any organisation you are familiar with.

Answer : The word “Performance” mean a lot in the organizational sector. Organizations need to perform well continuously to sustain its place in the competitive market. For an organization to perform well, the contribution from each individual employee working for it, should reach its height. How to gain higher performance from individual employees? – is an important question, for which the HR people need to come out with the possible solution suited for their organization. The term coined to handle this process is referred as “Performance Management”.

Performance management can be defined as a continuous process of assessing and measuring the performance of an individual and aligning it with the organizational goals. It is the job of the HR people to design an effective performance

5. Discuss compensation issues and problems. Describe the characteristic features of managerial compensation. What type of compensation system normally motivates the executives? Explain with suitable examples from an organisation you are familiar with.

Answer : Compensation issues and problems

An Unprepared Compensation Committee

Some compensation committees are composed of directors who are unable or not prepared to make decisions about executive compensation because they lack expertise about the subject.

A critical qualification for compensation committee service is a diversity of skills, including financial acumen and some expertise in matters related to executive compensation or human resources. Successful pay programs are driven by internal requirements, yet informed by external practice. Committee members should possess an

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