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Fall-2013 Master of Business Administration - MBA Semester 4 MU0015Compensation and Benefits-4 Credits (Book ID: B1859) Assignment (60 Marks) Note: Answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme. Each Question carries 10 marks 6 X 10=60. Q1. (I) what is meant by compensation management? (ii) Organizations design out the employee compensation packages based on some compensation and non-compensation dimensions. Describe in brief the compensation dimensions. Answer. Compensation management is a general policy, implemented in conjunction with specialized software, designed to help an organization maximize the returns on available talent. The ultimate goal is to reward the right people to the greatest extent for the most relevant reasons. The ideal compensation management policy ensures that the best talent will remain with the organization while attracting new talent and minimizing turnover. In conjunction with benefits administration and

Q2. Explain the steps involved in designing a salary structure. List the components of pay structure. Answer. Steps: 1. Establish your compensation philosophy. Each employer needs a policy which outlines their desired market position. A well-articulated compensation policy provides valuable guidance for the development of a salary structure. In large organizations, there is often a corporate policy which forms the basis for local policies. 2. Gather

Q3. Define the term wage. Write a brief note on wage policy.

Answer. "Wages" means all remuneration paid for services rendered by an individual, including commissions and bonuses and the cash value of all remuneration paid in any medium other than cash. Gratuities customarily received by an individual in the course of his employment from persons other than his employer and reported by the individual to his employer shall be treated as wages paid by his employer.

Q4. Explain the concept of tax planning with an example. Explain its role in Compensation Benefits. Answer. Tax planning is a process individuals, businesses, and organizations use to evaluate their financial profile, with the aim of minimizing the amount of taxes paid on personal income or business profit. Effective tax planning entails analyzing investment instruments, expenditures, and other factors such as filing status for their tax liability impact. Accounting, finance, banking, and insurance firms all emphasize slightly different aspects of tax planning in accordance with the types of services they provide

Q5. Define reward management. What are its aims? Explain the factors affecting reward management policies in service sector. Answer. Reward management involves the analysis and effective control of employee remuneration. It covers salary and all benefits. Reward management assesses the nature and the extent of rewards and the manner in which they are delivered. Reward management aims to create and efficiently operate a reward structure for an organization. Reward structure usually consists of pay policy and practices, salary and payroll administration, total reward, minimum wage, executive pay and team reward. Q6. Who are Expatriates? What are the objectives of Expatriate compensation? Differentiate between Financial (extrinsic) compensation and Non-financial (intrinsic) compensation. Answer. Expatriates: A person who has citizenship in at least one country, but who is living in another country. An expatriate can also be an individual who has relinquished citizenship in their home country to become a citizen of another. If your employer sends you from your job in its New York office to work for an extended period in its

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