Compensation and Benefits Practice Exam

Compensation and Benefit

This exam provides knowledge on how to attract, motivate and retain people for a business to succeed and how to build salary structure, pay strategy, short-term and long-term incentives, along with the benefits aligned to the business objectives. This gives an overview of the basic technical skills required for designing incentive plans and non-monetary methods of motivating employees.

So, if you wish to validate your skills of compensation and benefits management then you should definitely take this exam.

Target Audience

This exam is intended for-

• Students and graduates
• Managers
• Employees of a company
• Other interested candidates

Learning Outcomes

• Job Design
• Understanding Performance Based Compensation
• Knowledge of Executive, Sales and Team Based Compensation
• Motivation methods
• Quantitative Tools
• Understanding International Compensation Management

Table of Contents

Introduction

• Understanding the objectives of compensation management
• Principles of compensation management
• Wages types and policies
• Wage determination practices
• Compensation decisions and benchmarking
• Understanding compensation trends and practices in India

Economic Theories

• Basics of employee compensation valuation
• Understanding ESOPs and its pricing
• Equity in employee benefits
• Trade unions and labour markets

Job design

• Design
• Analysis
• Description
• Evaluation and Assessment
• Work Measurement
• Understanding Management and Ergonomics

Performance-based compensation

• What is the Performance Management System (PMS)?
• Objectives 
• Development of performance standards
• Performance modelling methods 
• Performance observation scales
• Understanding competency-based pay

Team-based compensation

• Knowledge of the employee evaluation system
• Group incentive plans and gain-sharing plans
• Issue in rewarding teams
• Designing team-based compensation

Executive Compensation

• Executive compensation theories
• Components of executive compensation
• Factors that affect executive compensation
• Criteria of executive compensation 
• Performance measurement techniques
• Organizational tactics

Employee Motivation and benefits

• Motivation 
• Employee motivation theories
• Goals of employee motivation
• Employee benefit types
• Tax obligations
• Understanding statutory employee benefits in India
• Employee benefits alternatives
• Non-monetary benefits and deferred compensation plan

Sales Compensation

• Sales functions
• Plans and issues
• Design and administration
• Sales incentives 

Legal issues

• Compensation and Income Tax Act, 1961
• Understanding tax implications
• Wage fixation
• Legal interpretation

Quantitative Tools for Compensation Management

• What are variable compensation plans?
• Retirement plans
• Understanding payroll management
• Incentive determination
• Employee benefits
• Group incentive payments
• What are overtime wages?
• EVA (Economic Value Added)
• Understanding quantitative analysis

International Compensation Management

• Approaches 
• Components 
• Designing 
• Concept of variation
• Cultural and repatriation issues

Employees Provident Fund

• Basics of EPF (Employees Provident Fund) 
• Features
• Forms
• UAN
• EPF Calculation 
• Online EPF Submission
• EPFO Claim Status

ESI

• Basics
• Registration for Organization
• Understanding ESI and Wages
• ESI Contribution
• Online ESI Contribution Submission

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