Program - MBA
Subject code & name - MU0015 – COMPENSATION AND BENEFITS
1 (i) What is meant by
“compensation management”?
(ii) Organisations design out the employee compensation packages based on
some ‘compensation’ and ‘non-compensation’ dimensions. Describe in brief the
‘compensation’ dimensions.
Compensation Management
According to
Stephen P. Robbins,
Davis A DeCenzo,
Robin Stuart-Kotze and Eileen
B. Stewart, the
authors of “Fundamentals
of Management”, “Compensation
management is a process of determining cost-effective pay structure designed to
attract and retain the employees, provide an incentive to work hard and structured
to ensure that pay levels are perceived as fair”. In words of I. Kessler, a
renowned compensation manager, “compensation management refers to payment
system which determines employee wage or
salary, direct or indirect rewards”.
You can
say that compensation
acts as a
binding agent between
the employer and the
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2 Explain the steps involved in
designing a salary structure. List the components of pay structure.
A Explanation of steps involved
in designing a salary structure
Step 1: Job analysis
It is
a method of
studying and identifying
various jobs in the organisation which result in description of
job. The contents are as follows:
·
a summary of the
job tasks
·
a description of
the work context
·
job title
·
abilities,
knowledge, skills needed to perform the job
·
a list of the
essential responsibilities and tasks
Step 2: Job evaluation
It
is a procedure of analysing the relative worth of the jobs in an organisation
which may result in the hierarchical ranking or development of an internal structure of jobs. It helps to
make sure that pay is
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3 Define the term ‘wage’. Write a
brief note on ‘wage policy’.
A Definition of ‘wage’
Wages in
its broadest sense
implies any kind
of economic compensation received by
the employee from
the employer under
the contract of employment whereby the employee renders
some services to the employer. The
term wage is
used to define
different concepts like
wage rate, gross average
hourly earnings, straight
time average hourly
earnings, weekly earnings, weekly
take home pay, annual earnings, etc.
Brief note on ‘wage policy’
Wage policy
can be defined
as the principles
which act as
guidelines for determination of a
wage structure. It relates to all systematic efforts of the Government in
relation to a national wage and structure of wages.
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4 Explain the concept of ‘tax
planning’ with an example. Explain its role in Compensation Benefits.
A Concept of tax planning
In simple words, you
can say that tax planning is an analysis done for the reduction of tax
liabilities that enables employers and employees to evaluate their financial
profile. The objective
of tax planning
is tax minimisation
on their personal income or business profits.
Role of ‘tax planning’ in compensation benefits
Tax Planning is all
about putting the hard earned money to good use instead of giving it all to the
government. It doesn't mean not paying the taxes, it just means being smart about
placing the money to acquire maximum benefits to the employee and his future
livelihood.
An employer, has to pay
even more attention to tax planning with the below points being included in the
planning.
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5 Define ‘reward management’. What
are its aims? Explain the factors affecting reward management policies in
service sector.
Reward Management basically refers to the implementation,
evaluation and formulation of processes, policies and strategies which are needed so as to ensure that the people’s
contribution towards the form is recognised by both the monetary
as well as
non – monetary
means. The basic
purpose of
Reward Management is to
reward the employees equitably, consistently and fairly with
respect with their
value to the
firm and also
to help the
firm to achieve is overall
strategic objectives.
Reward
Management is, thus, not only about benefits of the employees but also about
the employee
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6 Who are ‘Expatriates’? What are
the objectives of ‘Expatriate compensation’? Differentiate between Financial
(extrinsic) compensation and Non-financial
(intrinsic) compensation.
A Meaning of expatriates
Expatriates are
employees who move
from one country
to another for employment and are assigned long-term
assignments ranging for a period of more
than one year.
Objectives of expatriate compensation
Objectives from point of view of
organisation
Compensation for
Expatriates enables the firms:
(a) to control the cost relating to expatriate
compensation
(b) to attract potential job applicants
interested in international assignments
(c) to facilitate
expatriate movement from one auxiliary
unit to other, from home to auxiliary or
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Subject code & name - MU0016- PERFORMANCE MANAGEMENT AND
APPRAISAL
1. What is “Performance management
planning”? How does planning affect a manager?
A Meaning of ‘performance
management planning’
Performance management
planning is the
process of creating
and setting forth the
plans for managing
the performance of
employees in order
to achieve organisational success. The mission of the organisation is
executed through people and,
therefore, overall understanding
of the mission
is a precondition to PM planning.
Hence, a clear
idea of how
human capital works is important
before we plan the performance. Every one of us work for basic needs as
explained by Maslow in his famous ‘hierarchy of needs’ for the
basic ones as also
for the higher needs
mentioned therein. What this
means for PM planning is that the individual’s goals are an important input into PM
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2. Define performance appraisal. What are the dimensions of performance
appraisal? Describe the characteristics of performance appraisal.
Definitions and Dimensions of PA
PA has been defined in
several ways. Let us see some of them:
·
“Performance appraisal
is the systematic
evaluation of individuals
with regard to their
performance on the
job and their
potential for development.” (Dale
S. Beach, 1980).
·
“Performance appraisal
is a method
of evaluating the
behaviour of employees in
the work place,
including both the
quantitative and qualitative
aspects of job performance.” (Carrell and Kuzmits, 1982).
“Performance appraisal is
the process of
evaluating the performance and qualifications of the
employee in terms of requirements of the job lot which he
is employed, for
the purposes
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3 Describe the traditional methods
of performance appraisal.
A Traditional methods of
performance appraisal
From the name itself, one
can identify that these are the methods that are most commonly used. The
traditional methods of performance appraisal are:
·
Essay appraisal
method
·
Straight ranking
method
·
Paired comparison
method
·
Critical incidents
method
·
Field review
checklist method
·
Graphic ratings
scale method
·
Forced distribution
method.
Essay appraisal method
In
the essay appraisal
method, the appraiser describes the performance of an individual in
the form of a short essay. He covers
what the employee did, what he did not, what his strengths and weaknesses are
and what he should improve upon. When
facts and evidences are used objectively, it is a fairly
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4 What is performance feedback?
Why is it used? What are the levels of performance feedback?
A Meaning of performance
feedback
Performance feedback
is, generally, in the form of an annual evaluation, that is, performance
reviews are scheduled annually, in which your performance is measured
against pre-established criteria.
This type of
an appraisal review offers both
the parties – the giver and the receiver – an
opportunity for a formal,
documented communication. Feedback
serves as a cornerstone
to help employees
improve their performance
in any organisation. For example,
the entire salaried-merit-distribution
plan is often based on the
annual performance review
that people receive
from their supervisors. In
addition, many career-altering decisions,
such as promotions, transfers,
job placements, out-placements, selections,
and rejections are typically based on a person’s annual performance
feedback.
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5 What is meant by “360 Degree
feedback”? Explain its purpose. What are the advantages and disadvantages of
360 degree feedback?
A Meaning of 360 degree feedback
In 360-degree
appraisal, the feedback
about an employee’s
performance comes from all the sources. The number (360) indicates
all-round appraisal. While
180-degree refers to
top-down and bottom-up
feedback, numbers more than this
indicate feedback from various other groups apart from the top-down and
bottom-up across the
organisation. For example,
these additional groups can be peers who are engaged in the same level
of job as the recipient of the feedback.
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6 Write a brief note on Ethics in
performance management.
Importance of ethics in PM: So far, we have had an overview of
ethics and its relevance in
the organisational context.
In this section,
we are more concerned about
how it can
be incorporated in
PM and how
PM can be made more ethical. Since most people
attach a high value to ethics and all
people
are affected by performance management in an organisation, we can conclude that
all people in
the organisation would
be concerned about ethics in PM. Also PM acts as a guard in business ethics by
including that as an evaluation
criterion, i.e., PM
reports whether an
individual has the ethical
standards that are
expected of him
as defined by
business. PM affects certain
key aspects
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Subject code & name - MU0017 - TALENT MANAGEMENT AND
EMPLOYEE RETENTION
1 Explain the need for talent
management. What are the consequences of failure in Managing Talent?
Need for Talent Management
In recent times, talent management has acquired the top slot
in the list of priorities for organization.
Organisations require talented people and also a proper process to
manage them for various reasons. They include:
a. The War for Talent:
"Forty percent
of corporate officers
said company growth
was limited because they don’t have
the right talent."
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2 What are the building blocks of
effective talent management system? Explain any one.
A Listing the building blocks of
talent management
Successful companies
seek to determine
the actual or
potentials of each employee’s capability for adding value
to the organisation. This allows them to maximise their contribution through
appropriate investment in training and development. Improper
allocation of compensation
and training resources can result in unwanted turnover,
morale, and performance related issues. The
building blocks of
talent management enable
the organisations to efficiently manage recruitment and
retention process.
Following are the
building blocks of talent
management which we are going to
discuss:
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3 Define talent planning. What are
objectives and steps of Talent Planning?
A Definition of talent planning
Organisations are
finding it difficult
to get, expand,
and maintain skilled employees because
of increasing need
for talent, aging
labour force, and various globalisation
challenges. In this
ituation, talent planning plays a very
important role. It
helps us to
add real-time, enterprise-wide clarity
to examine the workforce
and then place
talent where the
impact is more visible and effective.
Target planning
helps an organisation
to predict its
upcoming workforce demand and
then estimate the
numbers, nature, and
sources of potential employees.
Objectives of Talent Planning
The main
purpose of talent
planning is to
establish defined competencies and sets
criteria to measure
its talent & skills. Other
objectives includeattracting and
recognising key people, providing
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4 What is meant by talent
acquisition? Explain some of the talent acquisition strategies.
A Meaning of talent acquisition
Talent acquisition is an
influential process that
comprises of all
the subprocesses involved in recognising, attracting, and finally
employing highlytalented and skilled people who are more productive for the
company. When used in the
context of the
recruiting and HR
profession, talent acquisition
usually
refers to the talent acquisition department or team within the Human
Resources department. The
talent acquisition team
within a company
is responsible for finding,
acquiring, assessing, and
hiring candidates to
fill roles that are required to meet company goals and fill project
requirements. Talent acquisition as a unique function and department is a
relatively new development. In many
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5. Why ‘employee engagement’ is
important? What are the factors of engagement? Describe some of the best
practices in talent engagement.
Importance of employment engagement
An organisation’s ability
to achieve increased
productivity and advanced business results
is strongly associated
with its skill
to handle employee engagement.
The performance
of engaged employees
is usually better
and are hence more
encouraged. There is
a major connection
between employee engagement and
productivity. Engaged employees
are more productive, comfortable and
most importantly reliable
to an organisation.
Employee engagement plays a
crucial role in
any organisation because
it not only helps
in retaining skilled
employees, but also
in increasing the
level of performance.
Factors of engagement
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6 Describe some of the major
challenges in talent management.
The top talent management challenges are:
·
Develop a value
proposition that appeals to all the generations
of employees:
Organisations are struggling to create a positive employee experience that is valued by all
employees because of the presence of different generations within today’s
workplace. A young employee of age 22
may have a
colleague of age
55. Companies need
to create an employee experience that appeals to
individuals with varied needs and preferences. For example consider a company
that consists of a number of retail store,
having a workforce
of about 1,50,000.
The store has a
high percentage of young employees but
the corporate and leadership
roles are handled
by older and
experienced people. It
is the
·
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· Program - MBA
Subject code & name - MU0018 - CHANGE MANAGEMENT
1 Define the term ‘organisational
transformation’. Discuss the various strategies to manage transformation in
organizations.
Definition of ‘organisational transformation’
The term ‘organizational
transformation’ refers to such
activities as reengineering, redesigning and redefining business systems. The
key enablers for transforming organizations are information and technology.
In the rapidly changing
financial environment, business models changerapidly. Mergers and acquisitions
change the very face of the organization. Therefore, organizations need to
continually:
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2 Describe Integrative Model for
Planned Change
A. Description of Integrative
Model for Planned Change
Bullock and Batten proposed
the integrative model to describe both the temporal states and the change processes
involved in planned change. This model is based on the principle that
organizations at different times, exist
in different states so, planned change can occur from one state to another.
Ranging from the exploration phase to integration, this model is divided into
four parts.
Exploration Phase
This phase
is characterized by
exploring the organization in
terms of its preparation for a specific change and
committing itsresource toward that change. Here a search process begins
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3 The key purpose of communication
of change is to ensure that the individuals understand what is going to happen
and what is expected from them. Explain some other important needs for
communicating change. Also explain the major methods and techniques for
communicating change.
A. Explanation of important needs
for communicating change
Some other important needs
for communicating change are:
• To pay adequate attention to the diverse interests, (including gender differences),
power relationships, and actions that may create resistanceto the proposed
change
• To make people understand
the inevitability of the changes and the best ways of coping or surviving with
the change
• To ensure that the people
share similar values and are aware of what actions are appropriate to these
values. To have consistency in actions and words, communication of change is
required
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4 What do you mean by resistance
to change? Discuss some of the reasons for individual (employee’s) resistance.
A. Meaning of resistance to change
Resistance to
change represents an
attitude or behaviour
that reflects an unwillingness to support change. Managers
of organizations view resistance as an enemy
of change, which must be overcome
if a change effort is to be successful. This perspective is also
reflected in Ansoff’s definition of resistance:
‘Resistance has been
considered as a phenomenon that affects the change process, delaying or slowing
down its beginning, obstructing or hindering its implementation, and increasing
its cost.’
Research
too has shown that if resistance issues are not handled properly then major
change efforts fail. In order for change tosuccessfully take place, this
resistance must be overcome.
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5. List the types of change
management strategies. Explain any two of them.
A Listing the types of change management
strategies Normally,
organizations adopt four
types of change strategies:
(i) normative re-educative
(ii) empirical-rational
(iii) power-coercive, and
(iv)environmental-adaptive.
These strategies are not
mutually exclusive; rather they work andsupport the effective implementation
plan at different stages of the change
process.
Selecting a Strategy
There are many change
strategies and the change agent has to select one by reading the situation and
its relevance. A few things that need to be understood while selecting a
strategy are:
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6 Write short notes on the
following:
a. Change agents
Change
agents are people who usually have specialized training in organizational
behaviour and can help guide and advice the change process.They strive to
‘alter human capability or organizational systems to achieve a higher degree of
output or self actualization.’ Their objective is to make goals that stick.
They have a clear vision as to how the process of change will begin and
culminate, and the activities they will perform to enable people to do more, or
find a new and better perspective on life. Change agents could be the existing
managers, non-
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b. Kolb’s Learning Cycle
American educational
theorist, David Kolb, developed a model of experiential learning, which reveals
how learning occurs, and what stages a
typical individual goes through in order to learn. It shows that we learn
through a process of doing and thinking.
Building
upon earlier work by John Dewey and Kurt Levin,Kolb believed ‘learning is the
process whereby knowledge is createdthrough the transformation of experience’.
The theory presents a cyclical model of learning, consisting of four stages.
One may beginat any stage, but must follow
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