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Apr’26 month certification
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BMS – SEM 5 – FINANCE FOR HR PROFESSIONALS AND COMPENSATION MANAGEMENT

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Course Content

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Module 1 – Compensation Plans and HR Professionals 10 Topics

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Lesson Content

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1.1 Meaning, objectives and components of compensation plans

1.2 Role of HR Professionals in Compensation management

1.3 Types of Compensation: Financial and Non-financial

1.4 Factors affecting compensation

1.5 3’Ps of Compensation

1.6 Principles of Compensation

1.7 Compensation management process

1.8 Pay Structure

1.9 Benefits of Compensation

1.10 Types of Fringe benefits

Module 2 – Incentives and Wages 10 Topics

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2.1 Incentives meaning, objectives, types, advantages and limitations

2.2 Scanlon Plan & Profit Sharing Plan

2.3 Prerequisite of effective incentive plan

2.4 Wage differentials Concept

2.5 Types of Wage Differentials

2.6 Essentials of good wage plan

2.7 Theories of Wages: Subsistence theory

2.8 Wage Fund Theory

2.9 Residual Claimant Theory

2.10 Behavioural Theory, Surplus Value Theory, Bargaining Theory

Module 3 8 Topics

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Lesson Content

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3.1 Compensation for special groups

3.2 Team Based Pay

3.3 Human Resource Accounting: Meaning, objectives, advantages, disadvantages

3.4 Methods of HRCA

3.5 Golden Parachute

3.6 E-Compensation

3.7 Broad banding

3.8 Cafeteria Approach

Module 4 – Legal Framework of Compensation in India 12 Topics

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Lesson Content

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4.1 Wage Policy in India

4.2 Payment of Bonus Act 1965

4.3 Payment of Gratuity Act 1972

4.4 Equal Remuneration Act 1976

4.5 Payment of Wages Act 1936

4.6 Employee Compensation Act 1923

4.7 Pay Commissions and Wage Boards

4.8 Adjudications

4.10 Employee Provident Fund and Miscellaneous Provisions act 1952

4.11 Challenges in compensation management

4.12 Pay Restructuring in Mergers and Acquisitions

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