Strategic Compensation-FINAL 2 - Bahria University Karachi...

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Bahria University Karachi Campus Department of Management Sciences Course: Strategic Compensation & Management (A Human Resource Management Approach) Course Instructor : Kanwal Malik COMPENSATION & BENEFITS: Compensation and benefits covers how employees in an organization are rewarded in accordance with their values. It is about both financial and non-financial rewards and embraces the strategies, policies, structures and process used to develop and maintain compensation and benefit system. The ways in which employees are valued can make a considerable impact on the effectiveness of the organization and is at the heart of the employment relationship. The aim of compensation management policies and practices is to support, attract, retain and motivate high quality prospects. Getting compensation systems and practices wrong can have a significant negative impact on the motivation, commitment and moral of employees. The links between compensation and benefits management and human resource management practices are crucial and approaches to reward that are not integrated with both the business objectives and associated human resource objectives are liable to fail. AIMS AND OBJECTIVES OF THE MODULE: To evaluate academic approaches to compensation principles and systems. To enable the individual to critically examine the effectiveness of compensation and reward strategies in theory and in practice. To demonstrate to students the importance of employee compensation and reward as a means of to assist, attract, retain and motivate employees towards high performance. To critically analyze compensation and reward theories in respect of the various stages of pay determination which includes job evaluation, salary structures, performance pay and benefits. MODULE LEARNING OUTCOMES: On successful completion of the module students will be able to: Contribute to the identification of appropriate employee compensation and reward philosophy coupled with strategy and will be competent enough to put together an overall organizational compensation and benefits plan. Provide accurate advice to management on the sources of data effecting compensation policies including information from pay / salary surveys. Analyze the different types of pay structures that can be operated, including those based on job evaluation.
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Evaluate the various approaches to contingent pay; including performance related pay and competence based pay. Analyze the different employee benefits systems available including flexible benefits. Participating in the processes of compensation and reward systems, communicating with employees and administering the system. MODULE LEARNING STRATEGIES: Students will be expected to familiarize themselves with materials delivered in lecture and discussions. Information gathering and source identifying activities will take place, involving students cooperating in small groups and reporting / presenting their findings. Skills will be developed through the use of case studies, some simulations and presentations. All
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