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Compensation & Reward Management

This document outlines a course on Compensation & Reward Management. The course aims to provide an overview of compensation systems and develop an understanding of compensation strategies and challenges. It also aims to equip students with the basic knowledge of compensation and reward management to develop HR policies. Students will learn key concepts, analyze issues and solutions, and demonstrate an understanding of the relationship between compensation programs and human resource objectives. They will be evaluated through assignments, projects, quizzes, midterm and final exams. The course covers topics such as forms of pay, internal and external compensation structures, job analysis, evaluation, individual pay, benefits, and managing compensation of special groups.

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Muhammad Atif Sheikh
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322 views5 pages

Compensation & Reward Management

This document outlines a course on Compensation & Reward Management. The course aims to provide an overview of compensation systems and develop an understanding of compensation strategies and challenges. It also aims to equip students with the basic knowledge of compensation and reward management to develop HR policies. Students will learn key concepts, analyze issues and solutions, and demonstrate an understanding of the relationship between compensation programs and human resource objectives. They will be evaluated through assignments, projects, quizzes, midterm and final exams. The course covers topics such as forms of pay, internal and external compensation structures, job analysis, evaluation, individual pay, benefits, and managing compensation of special groups.

Uploaded by

Muhammad Atif Sheikh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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UNIVERSITY OF SIALKOT

FACULTY OF MANAGEMENT AND ADMINISTRATIVE SCIENCES


Course Outline

Course Name: Compensation & Reward Management


Course Code: HRM-4002
Credit Hours: 3

I. COURSE DESCRIPTION

The course provides an overview and based on that an exposure to compensation and reward systems in
organizations. The students are given an orientation of the most challenging domain of the Human Resource
Management, namely Compensation & Reward Management and an incisive understanding of the
compensation & Reward strategies and challenges. Another major application of the course is to equip
students with the basic knowledge in this domain and develop them in a way that they can use that
knowledge to develop HR policies and systems for their clients. Finally the course provides an optimal
framework to integrate what the students learn in the other disciplines of the program and enhance their
learning through case analysis.

II. COURSE OBJECTIVE

Upon completion, the students will be able to:


 Assume entry-level responsibilities for compensation management projects in organizations.
 Understand and apply relevant compensation theory, design and implementation of that structure.
 Analyse current compensation decision-making and benefit programs in the work place.
 Assess the relationship of job analysis and evaluation to compensation.

III. COURSE OUTCOMES

The course is designed to impart the abilities and competencies of


 Using the key concepts and terms in the area of compensation and reward.
 Understanding the issues involved in compensation and reward management, analyzing them and
developing their solutions.
 Displaying the working knowledge, skills and abilities of the field of reward and management.
 Demonstrating an understanding of the relationship between human resource management
objectives and compensation and reward program.

IV. COURSE CONTENTS

 Introduction and Overview of Compensation and Reward


 Forms of Pay and Pay Model
 Internal Alignment: Determining the structure
 External Competitiveness: Determining the pay level
 Employee Contributions: Determining Individual Pay
 Employee Benefits
 Case-Studies related to Compensation and Reward management of Different
organizations

V. EVALUATION

Assignments: 10%
Project and Presentation: 10%
Quizzes: 5%
Mid Term Examination: 25%
Final Examination: 50%
Total: 100%

VI. TEXT BOOKS

 Milkovich and Newman; Compensation; McGraw-Hill; 8th Edition.


 Armstrong M. and Murlis H.; Reward Management – A Handbook of Remuneration Strategy &
Practice; Hay Group London; 5th Edition.

VII. REFERENCE BOOKS/MATERIAL

 R. Henderson; Compensation Management in a Knowledge Base World; Prentice Hall


Publications; 10th Edition.
 Reward Strategies, Encyclopedia of Human Resource Development.

VIII. ADDITIONAL READINGS

Case studies, exercises and articles would be provided during the course of semester. Students are
expected to prepare the cases in advance of case sessions to utilize class time productively. Quizzes at
times can also include additional articles provided in the class.

DETAILED COURSE OUTLINE

Week Topic REFERENCES

The Pay Model


 Definition of Compensation and reward
1 Ch # 01
 Different Forms of Pay
 Pay Model
Strategic Perspective
 Strategic Perspective toward Total compensation
2 Ch # 02
 Steps in Developing a total compensation strategy
 Source of Competitive advantage
Compensation Strategy: Internal Alignment
 Defining the Internal Alignment
 What shapes internal structures?
Ch # 03
 Strategic choices in designing internal structures
3
 Research regarding pay structure
 Consequences of Structures
 Case Study: The Effect of Compensation on employee
motivation
Job Analysis
 Ways to create internal structures
 Job-based Structure
4 Ch # 04
 Job analysis Procedures
 Information needed for job analysis
 How can the information be collected?
Job Evaluation
 Defining job Evaluation: Content, Value and External
Market Links
 “How To”: Major Decisions
 Job Evaluation Methods Ch # 05
5
o Ranking
o Classification
o Point Method
 The final Result: Structure
Case Study: Salary in Equities at ACME manufacturing
Person Based Structures
 Skill plans
 Skill Analysis
6 Ch # 06
 Person-based Structures: Competencies
 Competency Analysis
 Administering the plan
External Competitiveness
 Defining Competiveness
 Factors that Shape External Competitiveness
7  Modification to the Demand Side Ch # 07
 Modification to the Supply Side
 Product Market Factors and Ability to Pay
 Organization Factor
External Competitiveness
Designing Pay levels, mix and pay Structures
 Major Decisions in setting Pay
8  Specify Competitive Pay Policy Ch # 08
 Select Relevant market Competitors
 Design the survey
 Interpret Survey Results and Construct a Market Line
Case Study: Impact on Hotel Employee Turnover and
Satisfaction level
9  Mid Term Exam
Employee Contributions: Determining Individual Pay
Pay for Performance
 What Behaviors Do Employees Care About?
10  Linking Organizational Strategy to Compensation and Ch # 09
Performance Management
 Total Reward System
 Designing a Pay for Performance Plan
Pay for Performance Plans
 What is Pay for Performance Plan?
 Specific Pay for Performance Plans Ch # 10
11  Types of Team Incentive Plans
 Explosive Interests in Long Term Incentive Plans
Article: Relationship between job satisfaction and
organizational performance
Performance Appraisals
 The Role of Performance Appraisals in Compensation
Decisions
12 Ch # 11
 Strategies For Better Understanding and Measuring
Job Performance
 The Performance Evaluation Process
Employee Benefits
The Benefit Determination Process
 Reasons for Growth in Employee Benefits
 The Value of Employee Benefits
Ch # 12
13  Key Issues in Benefit Planning, Design and
Administration
 Components of a Benefit Plan
 Administrating the Benefit Program
Case Study: Compensation Management in Metropolis
Benefit Options
 Legally Required Benefits
14  Retirements and Saving Plan Payments Ch # 13
 Medical and Medically Related Payments
 Miscellaneous Benefits
Compensation of Special Groups
 Who are Special Groups? Ch # 14
15  Compensation Strategy for Special Groups

Article: A Framework for lean manufacturing implementation

16 Presentation

17 Preparation week
18 Final Term Examination

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