Compensation Management
, by Bhattacharyya, Dipak Kumar
- ISBN: 9780199456543 | 0199456542
- Cover: Paperback
- Copyright: 2/19/2016
Dipak Kumar Bhattacharyya, Xavier Institute of Management, Bhuvaneshwar
Dipak Kumar Bhattacharyya is presently Professor, Organizational Behaviour, Xavier Institute of Management, Bhubaneswar (XIMB). Earlier, he was the Dean of the Indian Institute of Social Welfare and Business Management (IISWBM), Kolkata, and served as the Director of the Institute of Engineering & Management (IEM), Kolkata, and AIMA-CME, New Delhi. He was also a visiting professor at XLRI Jamshedpur. With more than fifteen years of professional experience and over twenty years of teaching experience, he is actively involved in research, training, and consulting activities. Dr Bhattacharyya has authored several books on HR and management along with over 100 articles and papers published in various journals of national and international repute.
Preface
1. Chapter 1: Introduction to compensation management
Compensation
Payroll and Compensation
Compensation and Talent Management
Factors Influencing Compensation
Principles of Compensation Formulation
Determinants of Wage Rates
Theories of Wage Determination
Traditional Theory of Wage Determination
Theory of Negotiated Wages
Principles of Compensation Determination
Types of Wages
Minimum Rate of Wages
Need-based Minimum Wage
Living Wage
Fair Wage
Wage Boards
Wage Policy
National Wage Policy in India
Cost to Company
Base Pay Calculation
Compensation Philosophy
Significance of Employee Compensation
Ethical Issues
Bases for Compensation Ethics
2. Chapter 2: Compensation Management: The Indian Context
Compensation Decisions
Determinants of Compensation Decisions
Principles for Compensation Decisions
VIE Theory and Compensation
Compensation Benchmarking
Broad Band Pay Plan
Components of Executive Compensation
Compensation Trends in India
Employee Reward System in India
Elements of Employee Rewards in India
Additions to Base Pay
Employee Stock Options
Aims of Employee Rewards in India
Compensation Plan
Compensation Practices in India
Mistakes in Compensation Designing
Appendix 2A Best PracticesFunctional Managers in HR/Finance
Appendix 2B Best Practices Compensation in Call Centres
3. Chapter 3: Employee Compensation and the Labour Market
Introduction
Macroeconomics of Labour Markets
Unemployment and its Impact on Labour Market
Types of Unemployment
Causes of Unemployment
Costs of Unemployment
Unemployment Rate
Neoclassical Microeconomics of Labour Markets
Internal Labour Market as an Institution
Neoclassical Microeconomic ModelSupply
Neoclassical Microeconomic ModelDemand
Implications of Economic Models of Labour Markets on Employee Compensation
Criticisms of Labour Economics
Labour Market Changes and Trade Unions
Role of Trade Unions
Trade Unions in India
4. Chapter 4: Economic Theories and Compensation Management
Introduction
Economic Theories
Economic Theories and Employee Compensation
Trade-offs and Employee Compensation
Valuation of Employee Compensation
Pricing of Employee Stock Options
Regulatory Framework
Legal Perspective
BlackScholes Model
Problem of Expensing
Labour Markets and Employee Benefits
Equity in Employment Benefits
Econometric Application in Compensation Decisions
Productivity-linked Employee Benefits
Productivity
Productivity Measurement
Productivity Measurement for Knowledge Workers
Productivity and Quality
Employee Benefits and Productivity
Organizational Level Data Support
Productivity BargainingImpact on Remuneration
5. Chapter 5: Employee Benefits
Introduction
Non-monetary Benefits
Tax Obligations on Employee Benefits
Types of Employee Benefits
Statutory Employee Benefits in India
Deferred Compensation Plans
Fringe Benefits
Alternatives to Employee Benefits
6. Chapter 6: Employee Motivation and Compensation
Introduction
Related Concepts
Objectives of Motivation
Mechanism of Motivation
Relationship between Motivation and Compensation
Theories of Motivation
Related Theories
Motivation and Morale
Motivational Research and Compensation Design
Motivating Generation Y
Compensation Practices for Talented Employees
7. Chapter 7: Compensation Management and Job Design
Introduction
Job Design
Characteristics of Job Design
Strategies and Techniques of Job Design
Components of Job Design
Job Information
Job Analysis
Considerations
Methods of Analysis
Questionnaires
Assessment Centres
Job Description
Compensation Design through Compensable Factor
Appendix 7A Job Analysis Data Sheet
Appendix 7B Job Description
8. Chapter 8: Compensation Management and Job Evaluation
Job Evaluation
Job Evaluation Techniques
Limitations of Job Evaluation
Job Assessment
Pricing Job Value
Alternate Methods of Job Assessment
Work Study
Method Study
Work Measurement
Time Study
Other Techniques
Ergonomics
Ergonomics and Work Study
Ergonomics and Management
Working Areas
Motion Economy
Human Engineering
Value Analysis
Competency-based Approach
Appendix 8A Competency Framework Model
9. Chapter 9: Performance-related Compensation
Introduction
Compensation Management and PMS
Performance-related Pay
PRP in Indian Central Public Sector Enterprises (CPSEs)
PRP Scenario in CPSEs
Economic Value-added (EVA)Alternative Performance Measures
Selection of Performance Objectives
Selection of Performance Indicators
Developing Performance Standards
Developing a Performance Metric
Effective Performance Modelling
Customer-focused Metrics
Effective PMS
PMS and Organizational Strategy
Various Dimensions of Performance
Compensation Design Through Skill-based Programmes
Competency-based Pay
10. Chapter 10: Team-based Compensation
Introduction
Team-based Compensation
Employee Evaluation System
Group Incentive Plans
Gainsharing Plan
Problems in Rewarding Teams
Effective Design of Team-based Compensation
Recent Trends in Team-based Compensation
11. Chapter 11: Executive Compensation
Introduction
Components of Executive Compensation
Calibration of Executive Compensation to Performance
Transparency in Executive Compensation
Executive Compensation Theories
Executive Compensation Design
Use of Performance Criteria
Context of Executive Compensation Design
Relationship between Fixed and Variable Pay
Performance Measurement in Executive Incentive Programmes
Executive Compensation and Organizational Strategy
Organization Level Practices
Different Criteria of Executive Compensation
Recent Studies on Executive Compensation
Say on Pay
12. Chapter 12: Sales Compensation Plan
Introduction
Understanding the Sales Function
Sales Compensation Issues
Sales Goals
Sales Compensation Plan
Sales Compensation Design and Administration
Designing Effective Sales Compensation Plan
Components of Sales Compensation
Sales Incentives and Motivation
Contribution-based Sales Compensation
Designing an Effective Sales Compensation Plan
Top-down and Bottom-up Sales Quota
Unique Sales Compensation Plan Model
Industry Thumb Rules for Sales Compensation
Relating Sales Compensation Plans with Organizational Life Cycle
Sales Compensation Constructs
13. Chapter 13: Managing Rewards
Introduction
Definition and Concepts of Rewards
Differences between Compensation and Rewards
Benefits of Reward and Recognition Programme
Total RewardsConcepts and Strategies
Changing Views Toward Rewards
Total Rewards StrategyHow it Benefits Organizations
Rewards and Recognition Policy
Ethical Issues in Rewards and Recognition
14. Chapter 14: Legal and Taxation Issues on Employee Compensation
Introduction
Wage Determination in Organized and Unorganized Sector
Tax Implications of Compensation Compensation and the Income Tax Act Perquisites
Background
Cost to Company
Pay-at-risk
Legal Interpretation of Wage Fixation
Wage Fixation Through Collective Bargaining
Collective Bargaining in India
Appendix 14A Computation of Total Income (Structure)
Appendix 14B Valuation of Prerequisites
Appendix 14C CTC Computation
15. Chapter 15: Strategic Compensation Management
Introduction
Strategy
Prescriptive Schools
Descriptive Schools
Compensation Design and Strategy
Strategy Across Levels
Tactics and Strategy
Aligning Strategies to Transform People
Strategic Planning
Strategic Compensation Design
Strategic Compensation Policies
Strategic Compensation and Talent Issues in Global Hiring
Appendix 15A Strategy and Action Plan
16. Chapter 16: Quantitative Tools and Innovation in Compensation
Introduction
Theoretical Discussions on Compensation
Variable Compensation
Variable Compensation Plans
Retirement Plans
Pension Plans 378 401(k) Plans
Health and Welfare Plans
Payroll Management
Quantitative Analysis
Levels of Measurement
Scaling Techniques
Alternate Techniques Employee Benefits
Gratuity Computation
Provident Fund
Dearness Allowance (DA)
Incentive Determination
Straight Piece Rate Method
Differential Piece Rate Methods
Group Incentive Payment Practices in Organizations
Overtime Wages
Merit Matrices
Economic Value-added (EVA)
17. Chapter 17: International Compensation Management
Introduction 426
International Compensation 427
Cultural Issues 428
Concept of Variation 429
Components of International Compensation 429
Expatriate and Repatriate Compensation 430
Issues Related to Repatriation 431
Foreigners Working in India and Related Statutory Compliances 433
International Compensation Design 433
Approaches to International Compensation 434
Going-rate Approach 434
Balance Sheet Approach 435
International Compensation Strategies for Talent Engagement 436
Index 441
About the Author 447
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