Compensation and Reward Management Notes
Overview of Reward Management
• Meaning and objectives of reward management.
• Reward system and total reward concepts.
• Strategic reward and international reward.
Performance Management and Reward
• Relationship between performance and reward.
• Financial and non-financial rewards.
• Employee engagement and reward strategies.
Contingent Pay and Bonus Schemes
• Meaning and objectives of contingent pay.
• Bonus schemes, team pay, and recognition schemes.
• Rewarding for business performance.
Valuing and Grading Jobs
• Job evaluation and grading methods.
• Pay levels and market rate analysis.
• Equal pay and grade structures.
Rewarding Special Groups
• Rewarding directors and senior executives.
• Rewarding sales staff and service staff.
• Rewarding knowledge workers and manual workers.
Employee Benefits and Pension Schemes
• Employee benefits and flexible benefits.
• Defined benefit and defined contribution pension schemes.
Practice of Reward Management
• Developing, managing, and evaluating reward systems.
• Responsibility for reward management.
Labour and Compensation Laws
• Payment of Wages Act, 1936.
• Minimum Wages Act, 1948.
• Payment of Gratuity Act, 1972.
• Payment of Bonus Act, 1965.
• Equal Remuneration Act, 1976.
Social Security Laws
• Employees’ State Insurance Act, 1948.
• Employees’ Provident Fund Act, 1952.
• Workmen’s Compensation Act, 1923.
• Maternity Benefit Act, 1961.
• Unorganized Workers’ Social Security Act, 2008.
Mediclaim Policies
• Meaning and objectives of Mediclaim policies.
• Hospitalization coverage and cashless treatment.
• Family floater and tax benefits.