Therefore unless you are well versed with the basic management concepts better understanding and comprehension of this course will be difficult. It is very important to compensate employees for their contribution in business process of company. The attached compensation management ebook notes contain the following topics. Introduction compensation management is one of the most complex and dynamic issues in the field of human resource management. Construction project management is a relatively young field. This lecture note is primarily concerned with the management of people within organizations, focusing on policies and on systems. As the module progresses, readers would be introduced to other aspects of compensation management like the components of compensation management, types of compensation, inclusion of variable pay, the use of employee stock options etc. Some types of compensation include salary, bonuses, and.
Important short notes on disaster management school. Whether you are instituting new pay plans or looking. Cost allocation is the process of attempting to spread the cost of workers compensation across an industry so that no individual company is overly burdened. Employees compensation and benefits plan study lecture notes. Following are the different types of comepnsation packages for employees. Workers compensation was developed to allow injured employees to be compensated without the need for litigation. For more information about the mba compensation management notes, visit our website and you can clarify your doubts via comment box.
This course is designed to provide you with an understanding of the role of data and technology in human capital management. Key points that should be made in this lecture are as follows. Benefits and compensation while the management of benefits and compensation is a given for human resources, the. Compensation management notes for mba pdf download 4th. There are two main types of financial compensation. Peter j dowling, marion festing, allen engleinternational human resource managementcengage learning. Compensation management notes for mba pdf download 4th sem.
The attached compensation management ebooknotes contain the following topics. Management, human resources management and organization behavior. This value is then used as a basis for paying the jobholder a particular wage or salary. Brahas research in complex design and structure of product development and other social organizations. We are here to provide you the best study material for your mba studies.
In particular, building internally consistent compensation systems, please refer to chapter. The purpose of providing compensation is to attract, retain and motivate employees. As this is an advanced course on management so in case of difficulty or to seek clarification you. Compensation management job requirements are used to determine how valuable a job is to the organization. Myers, personnel administration a point of view and a method, mcgrawhill international book company, new delhi, 1981, p. Better cobetter co ordination of company effortsordination of company efforts 3. Understand the objective of compensation management. Total cash compensation total cash compensation refers to total amount in cash an employee earns annually and includes various variable factors like the annual base salary, the annual stipend, auto allowance, education compensation etc. Exams will consist of a variety of formats but will primarily be essay.
Salary and wages represent the market value of one skill set and are usually tied to the time worked, year, month, week, day or hour. The attached pdf file will help you in your preparation for compensation management and help you clearing your semestertrimester exams with ease. Employees compensation and benefits plan in todays job market, getting competent people is not an issue. Lecture notes strategic hr management sloan school of. Compensation management, employees, performance and relationship 1. Our bestofbreed compensation planning software system automates, streamlines and simplifies complex compensation planning by giving managers. Aug 08, 2017 our bestofbreed compensation planning software system automates, streamlines and simplifies complex compensation planning by giving managers an intuitive, decision support tool to help optimize. I will post new files and website links as we progress through the course. The 5 key objectives of compensation management hrsoft. Any university student can download given mba compensation management notes and study material or you can buy mba 4th sem compensation management books at amazon also. Slides and notes for week 3 university of illinois. The other aim is the establishment and maintenance of an equitable compensation structure, i.
Reward management this unit or subject is examined by knec on those taking the following courses. In order to make compensation management to work effectively, the organization should clearly specify its compensation policy, which must include the basis for determining base compensation, incentives. Reward management notes knec diploma knec kasneb kism. Inside any company, a large number of activities are carried out by big groups of individuals, spread across multiple departments e. Compensation isnt just about being fair within the industry. Human resource management free study notes for mba. Every topic in the course will be covered in the most practical way so that learners get handson experience. Short notes on disaster management is provided to ensure the best understanding of the topic for the students who are making projects on the topic or preparing for the exam. Compensation management and benefits, compensation management. Nature and purpose of compensation management the basic purpose of compensation management is to establish and maintain an equitable reward system. Compensation management and employees performance in the. A text book of human resource management, himalaya publishing house, mumbai, 2004. A team project will be completed during the semester using the cases in compensation book.
In this course, youll also learn strategies for managing core compensation, choosing employee benefits, analyzing cost leadership vs. Introduction to human resource management, recruitment and selection, training and development, performance appraisal, integration. Here youll get well structured and updated notes of all mba subjects like financial marketing, marketing management, human resource management, international marketing, advertising management, management of financial services, finance for strategic decisions, managerial. Impact of globalization on project management, model of international project management, practical aspects of configuration, coordination and cooperation, cultural. Compensation management and employees performance in. For an organization to achieve its stated objectives, there is the need to. A disaster is a destructive event that occurs suddenly and involves loss of life and property. Compensation policy is derived from organizational strategy and its policy on overall human resource management. After all, the current total global workforce is producing about 100 times more people every year compared to only a few decades back. It has become an important practice for improving the efficiency of construction operations around the world. Diploma in human resource management module iii introduction this module unit is intended to equip the trainee with knowledge, skills and attitudes that will enable himher manage a reward system for employees in an organization. Lecture notes on human resource management download book.
The ultimate goal is to reward the right people to the greatest extent for the most relevant reasons. For more information about the mba compensation management notes, visit. Total cash compensation total cash compensation refers to total amount in cash an employee earns annually and includes various variable factors like the annual base salary, the annual stipend, auto. Lecture notes on compensation and reward management iv semestar elective v ms. Compensation management pyq lecture notes, notes, pdf free download, engineering notes, university notes, best pdf notes, semester, sem, year, for all, study material. Lecture notes, introduction to human resources management. Describe the methods of compensation, rewards, compensation structure and policy.
Human resource management archives study lecture notes. In the way of overview for weeks 3 and 4 we will be considering the building blocks. Mamatha assistant professor department of master of business administration institute of aeronautical engineering autonomous dundigal, hyderabad 500 043. How life works ch 118 lab, report 2 seminar assignments assignments 16 environmental science midterm hrp chapter 1 lecture notes 1. Compensation management meaning and important concepts. Compensation management and benefits, compensation. When organized the right way, compensation dollars can be strategically leveraged to reduce turnover, boost employee engagement and attract top talent. Production, sales, marketing, purchase, human resources, administration, inventory stock, it systems, accounts etc. Human resource management hrm is the process of managing people in organizations in a structured and thorough manner. Lecture 1 compensation and performance compensation. Compensation management is one of the most challenging human resource areas because it contains many elements and has a farreaching effect on the organisations goals. In simple terms, compensation is everything that a company offers its employees in return for their talent and time. While adhering to standards can complicate your compensation management, it will help protect your company against litigation and ensure fairness across the board for your personnel. Which components make up total reward and based on which factors are these components determined.
Compensation consists of the socalled fixed portion, also known as wage or salary, and variable portion, also known as performancebased pay. Kandula, human resource management in practice with 300 modesl, techniques and tools. The goals of medical management of workplace injuries are to a speed up the processing of claims, b reduce costs, c reduce fraud and abuse, and d improve medical management. This book deals with some topics and tools of the large field of project management. The mission defines the boundaries or domain within which the organization will operate. This covers the fields of staffing hiring people, retention of people, pay and perks setting and management, performance management, change management and taking care of exits from. Compensation management and benefits human resource management compensation management and benefits is vital function of human resource managing team of companies who operate at international level. Lecture 1 compensation and performance compensation coursera.
Issues and challenges aggregate wage bill of 100 large companies having a turnover of more than rs. The aspect of how skewed compensation management leads to higher attrition is discussed as well. Each of these exams will be worth 20% of the course grade. The mission describes the organizations line of business, its products and specifies the markets it serves within a time frame of 3 to 5 years. Compensation and reward management michigan state university. Compensation management is the act of providing monetary value to an employee for the work they do by means of a company process or policy.
Unit 1 overview of compensation management learning objectives after completion of the unit, you should be able to. Here youll get well structured and updated notes of all mba subjects like financial marketing, marketing management, human resource management, international marketing, advertising management, management of financial services, finance for strategic decisions, managerial economics. Explain the definition, meaning and implications of compensation. I have the lecture notes for the subject compensation management that i am sharing with all of you in this thread. Human resource management free study notes for mba mca bba.
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