Finance for HR Professionals and Compensation Management – Revised TYBMS Syllabus 2016
Modules at a Glance
| SN | Modules | No. of Lectures |
| 1 | Compensation Plans and HR Professionals | 15 |
| 2 | Incentives and Wages | 15 |
| 3 | Compensation to Special Groups and Recent Trends | 15 |
| 4 | Legal and Ethical issues in Compensation | 15 |
| Total | 60 |
Finance for HR Professionals and Compensation Management – Syllabus Overview
| SN | Modules/ Units |
| 1 | Compensation Plans and HR Professionals |
| • Meaning, Objectives of Compensation Plans, Role of HR Professionals in Compensation Plans, Types of Compensation: Financial and non-financial, Factors Influencing Compensation • Compensation Tools: Job based and Skill based, Models: Distributive Justice Model and Labour Market Model, Dimensions of Compensation • 3 Ps Compensation Concept, Benefits of Compensation: Personal, Health and Safety, Welfare, Social Security • Pay Structure: Meaning, Features, Factors, Designing the Compensation System, Compensation Scenario in India. |
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| 2 | Incentives and Wages |
| • Incentive Plans – Meaning and Types: Piecework, Team, Incentives for Managers and Executives, Salespeople, Merit pay, Scanlon Pay, Profit Sharing Plan, ESOP, Gain Sharing, Earning at Risk plan, Technology and Incentives. Prerequisites of an Effective Incentive System • Wage Differentials: Concepts, Factors contributing to Wage Differentials, Types of Wage Differentials, Importance of Wage Differentials, Elements of a Good Wage Plan. • Theories of Wages: Subsistence Theory, Wage Fund Theory, Marginal Productivity Theory, Residual Claimant Theory, Bargaining Theory. |
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| 3 | Compensation to Special Groups and Recent Trends |
| • Compensation for Special Groups: Team Based pay, Remunerating Professionals, Contract Employees, Corporate Directors, CEOs, Expatriates and Executives. • Human Resource Accounting – Meaning, Features, Objectives and Methods • Recent Trends: Golden Parachutes, e-Compensation, Salary Progression Curve, Competency and Skill based, Broad banding and New Pay, Cafeteria approach – Features, Advantages and Disadvantages. |
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| 4 | Legal and Ethical issues in Compensation |
| • Legal Framework of Compensation in India: Wage Policy in India, Payment of Bonus Act 1965, Equal Remuneration Act 1976, Payment of Wages Act 1936, Payment of Gratuity Act 1972, Employee Compensation Act 1923, Employees Provident Funds and Miscellaneous Provision Act 1952. • Pay Commissions, Wage Boards, Adjudication, Legal considerations, COBRA requirement, Pay Restructuring in Mergers and Acquisitions, Current Issues and Challenges in Compensation Management, Ethics in Compensation Management. |
Reference books for subject: Finance for HR Professionals and Compensation Management
| Finance for HR Professionals and Compensation Management : ~ |
| 1. Gary Dessler, Biju Varkkey, Human Resource Management, Pearson, 12th edition 2. Mick Marchington and Adrian Wilkinson, Human Resource Management at Work – People Management and Development- IIIrd Edition, 3. Shashi K. Gupta, Rosy Joshi, Human Resource Management, Kalyani Publishers 4. Gary Dessler, Framework for HRM, 3rd Edition, Pearson Education 5. Ashwathappa, Human Resource Management 6. Luis.R.Gomez, David.B.Balkin, Robert. L. Cardy, Managing Human Resources – IVth Edition, (Eastern Economy Edition) 7. Milkovich, George T, Newman J.M, Compensation, Tata Mc Graw Hill. 8. Henderson, R.O, Compensation Management, Pearson Edition . 9. BD Singh, Compensation and Reward Management, Excel Books. 10. Karen Permant, Joe Knight, Financial Intelligence for HR Professionals 11. Sharma A.M, Understanding Wage system, Himalaya Publishing House, Mumbai |
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