Master of Business Administration-MBA Semester IV Subject Code MU0015 Subject Name Compensation Benefits Assignment Set- 1 (60 Marks)

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questions. 1. Discuss the element of compensation Compensation Philosophy: Identifies target market position for competitive pay levels and articulates the company s commitment to motivating, and rewarding employee contribution and performance through the various elements of the company s total pay system. Base Pay: Pays for standard job duties, skills and results. Should be designed to reflect competitive rates for comparable jobs within identified marketplace. Performance Based Variable Pay: Designed to reward achievement of specific company and/or individual performance objectives. Payouts vary based on company and/or individual achievement. Types of variable pay plans include: *Skill pay *Incentive pay/bonus plans *Commission *Gain sharing/results sharing Long Term Incentive Compensation: Solved Assignment Contact : mba8182@gmail.com ( 09873669404 )

Designed to reward long term company performance. Individual job level/performance may impact eligibility to participate. Can be an effective retention tool. Benefits Broad range of practices including health insurance, vacation, leave policies, and retirement and savings plans. Designed to address health and welfare needs of employees. Can send strong messages about company culture and values. Perks & Non-Cash Rewards Used to recognize exceptional contribution, performance, commitment to culture and values. Variety of methods including additional time off, tickets to events, trips, dinners, public recognition, etc.

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2. Explain the economic theories of wages 3. Write down the characteristics of job design 4. Explain the different job evaluation approaches 5. List and explain the components of CTC 6. Briefly explain the variable compensation

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Master of Business Administration-MBA Semester IV Subject Code MU0014 Subject Name Compensation Benefits Assignment Set- 2 (60 Marks)

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question

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10

Marks.

Answer

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the

questions. 1. Write a note on objectives of motivation Self preservation, whether this is pointed directly to survivial or towards our image of ourselves painted by our beliefs and ideals. What I mean by this is that we have in our mind a view point of who we are and we trive to accomplish this in either advancement or a continuation of our currant state. This personal view point might look down upon theft, and so seeing a theft we might feel "motivated" to call police, in order to up keep our currant view of what kind of person we see ourselves as.

How would you react, if your seven year old daughter declared that she would like to be an airline pilot? Would you immediately order a registration form from the national airline? Move close to the airport so that the daughter could visit it frequently later on? Probably not. You would certainly be pleased that your daughter has this objective, but you would also explain that she will still have to go to school for a few more years.

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And if ten years later your daughter decides upon a course in physics, or training as a gardner, would you be disappointed? No. Your daughter has developed in the meantime. Perhaps she has even developed thanks to her objective of being a pilot. She knew that If I want to be a pilot I will have to be attentive at school. She had thus become engaged, and in her own interests without external pressure had learned from it. The goal of being a pilot had helped her to develop, although in reality she hadnt realized this goal. In everyday life this is frequently the case: Objectives serve as the motivating force for us to do something. A long-term goal is best divided into intermediate goals which can be achieved more quickly. The feeling of success when we achieve these intermediate goals can additionally act as a motivating force. An objective can also serve as a signpost for us during particular stages in our lives, without actually having to achieve it. It is therefore necessary to look at our goals periodically to see if they are still valid for us or whether we wish to adapt them. 2. Explain the procedure to develop a pay structure The quest to compensate employees fairly is an ongoing challenge. If your organization pays employees too little, you may risk alienating and losing valuable employees. If you pay too much, you may be unwisely spending company resources. If you earn a reputation as a poorly paying employer, you may fail to attract desirable candidates. How much your organization can afford for employee salaries can determine the caliber of talent you attract to your organization. Salary discussion starts early in the recruiting process sometimes as early as the initial phone screening. Why spend time on a candidate you cannot afford? Solved Assignment Contact : mba8182@gmail.com ( 09873669404 )

The purpose of a pay structure is to organize and demonstrate your organizations compensation philosophy and to reflect and support the advancement of your company culture. An effective pay structure also allows you to attract and retain the people who can help achieve your business goals. Your organization's pay structure is a visible demonstration of your compensation philosophy and strategy. Developed logically and communicated effectively, your organization's pay structure is a tool that employees can view and understand. This is important because a recent study by WorldatWork (www.worldatwork.org) shows that understanding a company's compensation strategy influences employees' satisfaction with their compensation. There are three challenges in developing a pay structure. You should determine: 1. The appropriate data for establishing the relative value of a particular job to your organization. 2. The appropriate pay range for a job with the stated value to your organization. 3. The value of each job position within the allotted pay range.

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2. Explain the procedure to develop a pay structure 3. What are retirement benefits? Discuss their administration

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4. What is examples non-financial incentives 5. Explain the executive compensation theories 6. What is flexible workforce - explain

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