MU0015 Compensation and Benefits

1
Discuss the contents of Job Evaluation. Describe the process of Job evaluation
Explain the contents of Job Evaluation
Explain the process of Job Evaluation
A job evaluation is a systematic way of determining the value/worth of a job in relation to other jobs in
an organization. It tries to make a systematic comparison between jobs to assess their relative worth for
the purpose of establishing a rational pay structure.
Job evaluation needs to be differentiated from job analysis. Job analysis is a systematic way of gathering
information about a job. Every job evaluation method requires at least some basic job analysis in order
to provide factual information about the jobs concerned. Thus, job evaluation begins with job analysis
and ends at that point where the worth of a job is ascertained for achieving pay equity between jobs.

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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
Explain the pre-requisites for an Effective Incentive Scheme
Explain the merits and demerits of Incentives
Effective Incentive Scheme introducing our Management Training workshops to your staff we help ease
the negative effect of change on both managerial and supervisory personnel. The change in job
responsibilities, the change in personnel, job duties, and the rising challenge of developing subordinates
are specific goals of our learning systems courses. We are highly successful at helping Managers and
Supervisors learn and adapt to the necessary skills and proper behaviors to be successful at work as well
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3
Discuss the types of managerial remuneration. Explain the elements of a managerial remuneration
Explain the types of managerial remuneration
Explain the elements of a managerial remuneration

Remuneration is the compensation that one receives in exchange for the work or services performed.
Typically, this consists of monetary rewards, also referred to as wage or salary.A number of
complementary benefits, however, are increasingly popular remuneration mechanisms. Remuneration is
one component of reward management.
The payment of commission as remuneration for services rendered or PRODUCTS sold is a common way
to REWARD sales people. Payments often will be calculated on the basis of a percentage of the goods
sold. This is a way for firms to solve the principalagent problem, by attempting to realign employees'
interests with those of the firm.

4
Define Pay Structure. What are its objectives? Explain the major decisions involved in designing and
setting competitive pay structures
Definition of Pay Structure
Objectives of Pay Structure
Explain the major decisions involved in designing and setting competitive pay structure
A pay scale is a system that determines how much an employee is to be paid as a wage or salary, based
on one or more factors such as the employee's rank or status within the employer's organization, the
length of time that the employee has been employed, and the difficulty of the specific work performed.
Examples of pay scales, include U.S. uniformed services pay grades, the salary grades by which United
States military personnel are paid, and the General Schedule, the salary grades by which United States
white-collar civil service personnel are paid.

5
Explain the criterias considered for rewarding the employees for their good service
Explanation of the criterias responsible for rewarding the employees
Effective Recognition
You need to establish criteria for what performance or contribution constitutes rewardable behavior or
actions.
All employees must be eligible for the recognition.

6
Write a short note on the following:
a)Wage Policy Plan in India
b)Voluntary Retirement Scheme(VRS)
Wage Policy Plan in India
Voluntary Retirement scheme
Wage Policy Plan in India

1. To eliminate malpractices in the payment of wages.

2. To set minimum wages for workers, whose bargaining position is weak due to the fact that they are
either un-organised or inefficiently organised. In other words, to reduce wage differential between the
organised and unorganised sectors.
3. To rationalise inter-occupational, inter-industrial and inter-regional wage differentials in such a way
that disparities are reduced in a phased manner.
4