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Introduction to Strategic Compensation Management: Concept of Compensation – Exploring and Defining the Compensation Context – System of Compensating – Compensation Dimensions – Concept of Reward – Role of Compensation in Organization – Non-Financial Compensation System – Concept of Total Reward System – New Trends in Compensation Management – The 3-P Compensation Concept.
Unit-II
Compensation and Employee Behaviour: Bases for Traditional Pay System and Modern Pay System – Establishing Pay Plans – Aligning Compensation Strategy with HR Strategy and Business Strategy – Seniority and Longevity Pay – Linking Merit Pay with Competitive Strategy – Incentive Pay – Person Focus to Pay – Team Based Pay.
Unit-III
Designing Compensation System: Building Internally Consistent Compensation System – Creating Internal Equity Through Job Analysis and Job Valuation – Building Market Competitive Compensation System – Compensation Surveys – Integrating Internal Job Structure with External Market Pay Rates – Building Pay Structures that Recognize Individual Contributions – Constructing a Pay Structure – Designing Pay for Knowledge Program.
Unit-IV
Employee Benefits Management: Components – Legally Required Benefits – Benefits Administration – Employee Benefits and Employee Services – Funding Benefits Through VEBA – Costing the Benefits – Components of Discretionary Core Fringe Compensation – Designing and Planning Benefit Program – Totally Integrated Employee Benefit Program.
Unit-V
Contemporary Strategic Compensation Challenges: International Compensation and Competitive Strategies – Executive Compensation Packages – Compensating Executives – Compensating the Flexible Workforce – Contingent Employees and flexible work Schedules – Compensation for Expatriates and Repatriates – Strategic Issues and Choices in Using Contingent and Flexible Workers.
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