IGNOU MMPH 007 Compensation and Reward Management Study Material (In Depth Guide) For Ignou Student  (Paperback, BMA Publication)

IGNOU's MMPH 007 course involves understanding the principles, strategies, and practices related to designing and administering compensation and reward systems in organizations. Here's an in-depth guide to help you effectively study for this course: Introduction to Compensation and Reward Management: Define compensation and rewards and their significance in attracting, retaining, and motivating employees. Understand the strategic role of compensation and reward management in achieving organizational objectives. Compensation Philosophy and Strategy: Develop a compensation philosophy aligned with organizational values, goals, and culture. Study approaches to developing compensation strategies, including market-based, job-based, and competency-based approaches. Legal and Regulatory Framework: Understand the legal and regulatory requirements governing compensation and benefits, including minimum wage laws, equal pay regulations, and employment contracts. Study compliance requirements related to taxation, social security contributions, and employee benefits. Job Analysis and Evaluation: Conduct job analysis to identify key job roles, responsibilities, and requirements. Learn techniques for job evaluation, including job ranking, job grading, point factor analysis, and market pricing. Compensation Structure Design: Design compensation structures that reflect internal equity, external competitiveness, and individual performance. Study different types of compensation components, including base salary, incentives, bonuses, allowances, and benefits.