Compensation Management by Dipak Kumar BhattacharyyaCompensation Management by Dipak Kumar Bhattacharyya

Compensation Management

byDipak Kumar Bhattacharyya

Paperback | January 19, 2015

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It provides a comprehensive coverage of the fundamental concepts of the subject, which will be useful to postgraduate students as well as practitioners. The book begins with an introduction to compensation management, compensation management in the Indian context, employee compensation and thelabour market, economic theories and compensation management, employee benefits, employee motivation and compensation, compensation management and job design, compensation management and job evaluation, performance-related compensation, team-based compensation, executive compensation, salescompensation plan, and managing rewards. This is followed by a study of topics such as legal and taxation issues in employee compensation, strategic compensation management, and quantitative tools and innovation in compensation. Finally, the text covers international compensation management.
Dipak Kumar Bhattacharyya is presently Professor, Organizational Behaviour at Xavier Institute of Management, Bhubaneswar (XIMB). Earlier, he was the Dean of the Indian Institute of Social Welfare and Business Management (IISWBM), Kolkata, and served as the Director of the Institute of Engineering and Management (IEM), Kolkata, and AIM...
Title:Compensation ManagementFormat:PaperbackDimensions:472 pages, 9.69 × 7.44 × 0.85 inPublished:January 19, 2015Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199456542

ISBN - 13:9780199456543


Table of Contents

Preface1. Introduction to compensation managementCompensationPayroll and CompensationCompensation and Talent ManagementFactors Influencing CompensationPrinciples of Compensation FormulationDeterminants of Wage RatesTheories of Wage DeterminationTraditional Theory of Wage DeterminationTheory of Negotiated WagesPrinciples of Compensation DeterminationTypes of WagesMinimum Rate of WagesNeed-based Minimum WageLiving WageFair WageWage BoardsWage PolicyNational Wage Policy in IndiaCost to CompanyBase Pay CalculationCompensation PhilosophySignificance of Employee CompensationEthical IssuesBases for Compensation Ethics2. Compensation Management: The Indian ContextCompensation DecisionsDeterminants of Compensation DecisionsPrinciples for Compensation DecisionsVIE Theory and CompensationCompensation BenchmarkingBroad Band Pay PlanComponents of Executive CompensationCompensation Trends in IndiaEmployee Reward System in IndiaElements of Employee Rewards in IndiaAdditions to Base PayEmployee Stock OptionsAims of Employee Rewards in IndiaCompensation PlanCompensation Practices in IndiaMistakes in Compensation DesigningAppendix 2A Best PracticesFunctional Managers in HR/FinanceAppendix 2B Best Practices Compensation in Call Centres3. Employee Compensation and the Labour MarketIntroductionMacroeconomics of Labour MarketsUnemployment and its Impact on Labour MarketTypes of UnemploymentCauses of UnemploymentCosts of UnemploymentUnemployment RateNeoclassical Microeconomics of Labour MarketsInternal Labour Market as an InstitutionNeoclassical Microeconomic ModelSupplyNeoclassical Microeconomic ModelDemandImplications of Economic Models of Labour Markets on Employee CompensationCriticisms of Labour EconomicsLabour Market Changes and Trade UnionsRole of Trade UnionsTrade Unions in India4. Economic Theories and Compensation ManagementIntroductionEconomic TheoriesEconomic Theories and Employee CompensationTrade-offs and Employee CompensationValuation of Employee CompensationPricing of Employee Stock OptionsRegulatory FrameworkLegal PerspectiveBlackScholes ModelProblem of ExpensingLabour Markets and Employee BenefitsEquity in Employment BenefitsEconometric Application in Compensation DecisionsProductivity-linked Employee BenefitsProductivityProductivity MeasurementProductivity Measurement for Knowledge WorkersProductivity and QualityEmployee Benefits and ProductivityOrganizational Level Data SupportProductivity BargainingImpact on Remuneration5. Employee BenefitsIntroductionNon-monetary BenefitsTax Obligations on Employee BenefitsTypes of Employee BenefitsStatutory Employee Benefits in IndiaDeferred Compensation PlansFringe BenefitsAlternatives to Employee Benefits6. Employee Motivation and CompensationIntroductionRelated ConceptsObjectives of MotivationMechanism of MotivationRelationship between Motivation and CompensationTheories of MotivationRelated TheoriesMotivation and MoraleMotivational Research and Compensation DesignMotivating Generation YCompensation Practices for Talented Employees7. Compensation Management and Job DesignIntroductionJob DesignCharacteristics of Job DesignStrategies and Techniques of Job DesignComponents of Job DesignJob InformationJob AnalysisConsiderationsMethods of AnalysisQuestionnairesAssessment CentresJob DescriptionCompensation Design through Compensable FactorAppendix 7A Job Analysis Data SheetAppendix 7B Job Description8. Compensation Management and Job EvaluationJob EvaluationJob Evaluation TechniquesLimitations of Job EvaluationJob AssessmentPricing Job ValueAlternate Methods of Job AssessmentWork StudyMethod StudyWork MeasurementTime StudyOther TechniquesErgonomicsErgonomics and Work StudyErgonomics and ManagementWorking AreasMotion EconomyHuman EngineeringValue AnalysisCompetency-based ApproachAppendix 8A Competency Framework Model9. Performance-related CompensationIntroductionCompensation Management and PMSPerformance-related PayPRP in Indian Central Public Sector Enterprises (CPSEs)PRP Scenario in CPSEsEconomic Value-added (EVA)Alternative Performance MeasuresSelection of Performance ObjectivesSelection of Performance IndicatorsDeveloping Performance StandardsDeveloping a Performance MetricEffective Performance ModellingCustomer-focused MetricsEffective PMSPMS and Organizational StrategyVarious Dimensions of PerformanceCompensation Design Through Skill-based ProgrammesCompetency-based Pay10. Team-based CompensationIntroductionTeam-based CompensationEmployee Evaluation SystemGroup Incentive PlansGainsharing PlanProblems in Rewarding TeamsEffective Design of Team-based CompensationRecent Trends in Team-based Compensation11. Executive CompensationIntroductionComponents of Executive CompensationCalibration of Executive Compensation to PerformanceTransparency in Executive CompensationExecutive Compensation TheoriesExecutive Compensation DesignUse of Performance CriteriaContext of Executive Compensation DesignRelationship between Fixed and Variable PayPerformance Measurement in Executive Incentive ProgrammesExecutive Compensation and Organizational StrategyOrganization Level PracticesDifferent Criteria of Executive CompensationRecent Studies on Executive CompensationSay on Pay12. Sales Compensation PlanIntroductionUnderstanding the Sales FunctionSales Compensation IssuesSales GoalsSales Compensation PlanSales Compensation Design and AdministrationDesigning Effective Sales Compensation PlanComponents of Sales CompensationSales Incentives and MotivationContribution-based Sales CompensationDesigning an Effective Sales Compensation PlanTop-down and Bottom-up Sales QuotaUnique Sales Compensation Plan ModelIndustry Thumb Rules for Sales CompensationRelating Sales Compensation Plans with Organizational Life CycleSales Compensation Constructs13. Managing RewardsIntroductionDefinition and Concepts of RewardsDifferences between Compensation and RewardsBenefits of Reward and Recognition ProgrammeTotal RewardsConcepts and StrategiesChanging Views Toward RewardsTotal Rewards StrategyHow it Benefits OrganizationsRewards and Recognition PolicyEthical Issues in Rewards and Recognition14. Legal and Taxation Issues on Employee CompensationIntroductionWage Determination in Organized and Unorganized SectorTax Implications of Compensation Compensation and the Income Tax Act PerquisitesBackgroundCost to CompanyPay-at-riskLegal Interpretation of Wage FixationWage Fixation Through Collective BargainingCollective Bargaining in IndiaAppendix 14A Computation of Total Income (Structure)Appendix 14B Valuation of PrerequisitesAppendix 14C CTC Computation15. Strategic Compensation ManagementIntroductionStrategyPrescriptive SchoolsDescriptive SchoolsCompensation Design and StrategyStrategy Across LevelsTactics and StrategyAligning Strategies to Transform PeopleStrategic PlanningStrategic Compensation DesignStrategic Compensation PoliciesStrategic Compensation and Talent Issues in Global HiringAppendix 15A Strategy and Action Plan16. Quantitative Tools and Innovation in CompensationIntroductionTheoretical Discussions on CompensationVariable CompensationVariable Compensation PlansRetirement PlansPension Plans 378 401(k) PlansHealth and Welfare PlansPayroll ManagementQuantitative AnalysisLevels of MeasurementScaling TechniquesAlternate Techniques Employee BenefitsGratuity ComputationProvident FundDearness Allowance (DA)Incentive DeterminationStraight Piece Rate MethodDifferential Piece Rate MethodsGroup Incentive Payment Practices in OrganizationsOvertime WagesMerit MatricesEconomic Value-added (EVA)17. International Compensation ManagementIntroductionInternational CompensationCultural IssuesConcept of VariationComponents of International CompensationExpatriate and Repatriate CompensationIssues Related to RepatriationForeigners Working in India and Related Statutory CompliancesInternational Compensation DesignApproaches to International CompensationGoing-rate ApproachBalance Sheet ApproachInternational Compensation Strategies for Talent EngagementIndexAbout the Author