Compensation & Benefits
1. You are an HR Manager of Infeltech Pvt. Ltd. You have been given a task to prepare Cost to company (CTC) as a part of Compensation Management of a newly hired Marketing Employee. What factors and components will be kept in mind while creating CTC of that employee? Also explain what is an Ideal CTC and what tools can be used to assess an Ideal CTC?
2. Vacros Pvt Ltd has hired a factory Compensation Manager who is responsible to design wage policy of factory workers and Liaison with the labor laws. Identify and explain various wages acts applicable under Indian laws which the factory must abide by for the interest of the workers. Also explain the tax benefits available under National Policy Scheme.
3. Sandhya, Human Resource Manager of Zenith Ltd. Underwent a rigorous process of quantitative evaluation of comparative work value to determine the relative worth of Job by consulting the compensation department and Unions. She did it with two methods. In the first method, she categorized jobs into different grades and then attached a pay level to each grade. In the second method, specific points were assigned to each degree of each element. Total point value was established and then monetary values were assigned to the points.
a. Explain the process which Sandhya performed as an HR Manager? What is Utility of the process for the organization?
b. Identify and explain the two methods by which Sandhya performed the process identified in above part?
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