FREE IGNOU MMPH 007 Study Material

FREE IGNOU MMPH 007 Study Material Download The Indira Gandhi National Open University (IGNOU) offers a Master of Business Administration (MBA) program through distance learning. IGNOU free MMPH 007 Study Material Download. 

FREE MMPH 007 Study Material Download Hardcopy : The study material for the program is provided to students in the form of self-learning study modules. The modules are designed to provide students with a comprehensive understanding of the various concepts and topics covered in the MBA Compensation and Rewards Management program.

Course Code : MMPH 007

Programme Name : Compensation and Rewards Management

FREE IGNOU MMPH 007 Study Material

Block-1 Compensation and Rewards: An Overview

Block-4 Rewards Management

Compensation and rewards refer to the financial and non-financial rewards that an organization provides to its employees in exchange for their work.

Compensation refers to the monetary rewards that an employee receives, such as salary, bonuses, and benefits. It is designed to attract, retain, and motivate employees by providing them with a fair and equitable compensation package that meets their needs and the organization’s objectives.

Rewards refer to the non-financial incentives and benefits that an organization provides to its employees, such as recognition, promotions, and opportunities for growth and development. They are designed to recognize and reward employees for their performance, contributions, and engagement, and to create a positive and motivating work environment.

Effective compensation and rewards systems align with the organization’s goals and strategy, and are designed to attract, retain, and motivate employees. They take into account factors such as the organization’s budget, the industry and market conditions, the job market, and the needs and expectations of employees.

Compensation and rewards can include items such as:

  • Base Pay
  • Variable pay (bonus, commission)
  • Health and welfare benefits
  • Retirement and pension benefits
  • Time off
  • Recognition and awards
  • Professional development opportunities
  • Career development opportunities.

It is important for organizations to regularly review and evaluate their compensation and rewards systems to ensure that they are fair, competitive, and effective in meeting the needs of both the organization and its employees.

The Compensation And Rewards

Compensation and rewards are governed by a variety of legal frameworks, including labor laws, employment laws, and tax laws. Some of the key legal frameworks that apply to compensation and rewards include:

  1. Minimum wage laws: These laws set a minimum amount that employers must pay employees for their work. The minimum wage varies by country, state, or region, and it is important for employers to comply with these laws to avoid fines and penalties.
  2. Fair labor standards act (FLSA): This federal law sets standards for minimum wage, overtime pay, and child labor, and it applies to most private and public employers. It also requires employers to keep accurate records of hours worked and wages paid to employees.
  3. Equal pay laws: These laws prohibit employers from paying employees of one sex less than employees of the opposite sex for the same work.
  4. Anti-discrimination laws: These laws prohibit employers from discriminating against employees based on factors such as race, sex, age, religion, and disability. These laws apply to all aspects of employment, including compensation and rewards.
  5. Tax laws: These laws govern the taxation of employee compensation and benefits, including income taxes, payroll taxes, and taxes on employee benefits such as health insurance and retirement plans. Employers are responsible for withholding and remitting these taxes to the government.
  6. Labor laws: These laws regulate the relations between the employer and the employees, and the rights and responsibilities of both parties. These laws also regulate the formation, recognition and the rights of trade unions.

It is important for employers to be aware of and comply with these legal frameworks, as non-compliance can result in fines, penalties, and legal action. Employers should consult with legal and HR experts to ensure that their compensation and rewards systems comply with all applicable laws and regulations.

IGNOU MMPH 007 FREE Study Material

The Compensation Management 

Compensation management refers to the process of designing, implementing, and maintaining a compensation system that aligns with the organization’s goals and strategy, and that meets the needs and expectations of employees. It involves making decisions about the levels and types of compensation, as well as the processes and systems used to administer it.

The process of compensation management typically includes the following steps:

  1. Job analysis and evaluation: Assessing the duties, responsibilities, and requirements of each job in the organization, and determining its relative worth.
  2. Market research: Gather information on the compensation levels and practices of similar organizations in the same industry and geographic area, to ensure that the organization’s compensation is competitive.
  3. Setting pay levels: Determine the pay levels for each job based on job evaluation and market research.
  4. Developing a pay structure: Creating a structure that organizes the pay levels for different jobs in the organization.
  5. Establishing policies and procedures: Developing policies and procedures for administering the compensation system, such as how raises, bonuses, and benefits will be awarded.
  6. Communicating and administering the system: Communicating the compensation system to employees, and ensuring that it is administered consistently and fairly.
  7. Review and evaluation: Regularly reviewing and evaluating the compensation system to ensure that it is meeting the needs of the organization and its employees.

Compensation management is an ongoing process that requires the involvement of managers and employees at all levels of the organization. It requires coordination and alignment with the overall goals and strategy of the organization, along with regular review and assessment of its effectiveness. The process should be reviewed and updated regularly to adapt to the changing market conditions, and the organization’s goals and objectives.

Q What is the best time table for study?

8 AM to 10 PM

Q Is IGNOU exam difficult to pass?

It is not difficult to pass it.

Q Does IGNOU refund fee?

Yes, University has a limited provision for cancellation of Programme and refund of fee as prescribed in the Refund Policy of the University.

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