Finance for HR Professionals & Compensation Management

9th April 2020 1 By indiafreenotes

Unit 1 Compensation Plans and HR Professionals {Book}

Meaning, Objectives of Compensation Plans

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Role of HR Professionals in Compensation Plans

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Types of Compensation: Financial and non-financial

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Factors Influencing Compensation

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Compensation Tools: Job based and Skill based

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Compensation Models: Distributive Justice Model, Labour Market Model

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Dimensions of Compensation

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3 Ps Compensation Concept

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Benefits of Compensation: Personal, Health and Safety, Welfare, Social Security

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Pay Structure: Meaning, Features, Factors

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Designing the Compensation System

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Compensation Scenario in India

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Unit 2 Incentives and Wages {Book}

Incentive Plans Meaning and Types

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Piecework (Labour) Incentives

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Team Incentives

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Incentives for Executives and Managers

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Incentives for Salespeople

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Merit pay, Scanlon Pay, Profit Sharing Plan, ESOP, Gain Sharing

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Earning at Risk plan

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Technology and Incentives

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Prerequisites of an Effective Incentive System

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Wage Differentials Concepts

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Factors contributing to Wage Differentials

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Types of Wage Differentials

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Importance of Wage Differentials

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Elements of a Good Wage Plan

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Theories of Wages:

Subsistence Theory

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Wage Fund Theory

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Marginal Productivity Theory

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Residual Claimant Theory

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Bargaining Theory

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Unit 3 {Book}

Compensation for Special Groups: Team Based pay

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Remunerating Professionals

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Contract Employees

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Corporate Directors, CEOs, Expatriates and Executives

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Human Resource Accounting Meaning, Features, Objectives and Methods

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Recent Trends:

Golden Parachutes

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e-Compensation

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Salary Progression Curve

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Competency and Skill based

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Broad banding and New Pay

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Cafeteria approach Features, Advantages and Disadvantages

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Unit 4 Legal Framework of Compensation in India: {Book}

Wage Policy in India

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Payment of Bonus Act 1965

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Equal Remuneration Act 1976

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Payment of Wages Act 1936

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Payment of Gratuity Act 1972

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Employee Compensation Act 1923

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Employees Provident Funds and Miscellaneous Provision Act 1952

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Pay Commissions

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Wage Boards Adjudication, Legal considerations, COBRA requirement

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Pay Restructuring in Mergers and Acquisitions

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Current Issues and Challenges in Compensation Management

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Ethics in Compensation Management

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