Compensation & BenefitsCOMPENSATION & BENEFITSCompensation & BenefitsCOMPENSATION & BENEFITSCompensation & BenefitsCompensation & Benefits

SVKMs NMIMS School of Distance Learning Course : Compensation & Benefits SEM -III Programme : PGDHRM Assignment Marks : 30 Instructions: All Questions are Compulsory & carry equal marks. All answers to be explained in not more than 1000 words. Use examples as far as possible. All answers to be written individually. Discussion and group work is not advisable. Copying from websites or e-books will carry negative marks. 1. Define fringe benefits and bring out their importance.

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If you were CEO of your company what
would you do differently to your compensation and benefits plan to make it more effective in aligning employee behavior and performance with
the needs of the enterprise.

With instructor approval, students will select an organization that either has or is experiencing challenges with its compensation and benefit system. The student will provided a brief historical view of the organization, an assessment of their current challenge, a review of other organizations who had a similar situation and the strategy they devised to address the issue, theories and strategies that should be contemplated to address the situation and, finally, a recommendation to management on how to address/resolve the situation. Importantly, the student should ensure any recommendations are based on solid research and analysis and reflect a comprehensive solution to the problem

If you were CEO of your company what
would you do differently to your compensation and benefits plan to make it more effective in aligning employee behavior and performance with
the needs of the enterprise.

QUE:An NBFC wants to introduce a company-wide incentive programme for their entire customer focused staff. The scheme needs to be based on the staffs annual sales targets, with the top 25 staff being rewarded with a trip of a lifetime to a foreign destination. The launch date of the scheme has to coincide with the staff receiving their annual sales targets. Prepare a detailed incentive scheme indicating the location, attractions, benefit to
facilitate the employees. How would you promote the scheme within the company?

Assume you are leading a team of consultants hired by MPBS to help develop their total compensation plan. MPBS wants to implement a compensation plan to support their business strategy. Your team has completed the preliminary review of the organization, including discussions with management, and compiled initial information about MPBS. That information is detailed in the team report.
MPBS views their mission statement as the driver behind the alignment of policies, purposes and objectives of all operating units in the entire organization.Your first taskis to help the human resources department create a compensation mission statement as the first step in designing their compensation plan. You are to consider the various factors affecting mission statements and objectives and then:

Recommend a specific compensation mission statement and the specific objectives of the MPBS compensation system that aligns the compensation plan to the companys mission and strategy. Provide a rationale to support your mission statement and objectives.

Your second taskis to overcome the past reluctance of top management at MPBS to have anyone put much effort into administrative detail. They have generally opted for a quick and easy approach to policy and practice. You should plan to educate the top management group regarding the need for more sophisticated and detailed approaches to compensation. To do so, you must include answers to the following questions that were posed by the new HR manager. Justify your responses using scholarly sources.

What are the relevant markets that each of MPBSs major occupational groups should be compared to?
Should MPBS lead, match, or follow competitors? Why?
How will decisions on external competitiveness help MPBS align compensation policies with mission and strategy?
Why is it important and is it worth the effort and cost for MPBS to bother with specifying pay grades and pay ranges?
If pay grades are used, is it better to have few or more grades?
How should the ranges vary by job type and level?
How much overlap should be built into the grade ranges?
In what ways might the plan MPBS develops and the related compensation policies impact job performance?

To complete this assignment, write a 57 page report in Word format and provide rationale and scholarly support. Apply APA standards for writing style to your work.

***Please try to use internet resources. Thank you.***

Assignment 2 Grading Criteria

Maximum Points

Developed compensation mission statement and objectives that aligns the compensation plan to the companys mission and strategy.

20

Determined the relevant markets for each major occupational group.

16

Rationalized whether MPBS should lead, match, or follow competitors and why.

16

Examined how decisions on external competitiveness will help MPBS align compensation policies with mission and strategy.

16

Explained why it is important and worth the effort and cost to specify pay grades and pay ranges.

20

Determined whether it is better to have few or more pay grades.

16

Assessed how the ranges should vary by job type and level.

16

Explained how much overlap should be built into the grade ranges.

16

Evaluated the ways in which the plan and related compensation policies might impact job performance.

20

Written Components:Organization(12)Usage and mechanics(12)APA elements(16)Style(4)

44

Total:

200