Laying down a sound compensation and reward system is one of the most complex assignments in an industrial organisation. Hence, attempts are to be made for effective implementation of compensation and benefit plans for the success of an organisation in today's highly competitive business environment.
The book Compensation Management deals with different aspects of compensation and reward systems as they are known today. It contains five units and a skill development exercise. Unit 1 deals with job evaluation and performance appraisal; Unit 2 throws light on compensation management; Unit 3 focuses on wage and salary administration; Unit 4 explains rewards and incentive systems; and Unit 5 gives an account of the role of regulatory bodies in compensation management.
The skill development exercise is in three specified areas: (a) fringe benefits offered by two multinational companies; (b) role of regulatory bodies such as wage boards and pay commissions in fixing compensation; and (c) a list of incentive schemes with specific reference to sales personnel.
The book primarily covers the course contents for BBM 6th Semester of Bangalore University. Obviously, it will be useful to the students pursuing that course. But at the same time, it will be of help to other students desirous of learning more about compensation and reward management.
1. Job Evaluation and Performance Appraisal
2. Compensation Management
3. Wage and Salary Administration
4. Rewards and Incentives
5. Regulatory Bodies for Compensation Management
Skill Development Exercise