MS-27 Solved Assignment

Course: Ignou MBA (Master of Business Administration)
Session: Jan- June 2022 July - Dec
Subject: Compensation and Rewards Management

Old Sample Answers of Mba Ignou MS-27 Assignments

Q. What is job-evaluation?
Answer. Job evaluation is the process of systematically evaluating the relative significance of jobs in a company so that they can be placed in a rank order. Generally each job is weighed against all other jobs in the same company using an analytical framework which allows the user to make logical judgements about job size. You should remember that job evaluation is a tool........... Generally, job evaluations are carried out in two ways. These are analytical and non-analytical job evaluations. In case of analytical job evaluation, the extent of the presence of certain defined factors in a job decides its value in the organization. As regards non-analytical job evaluation, the total job is measured and matched with other jobs to determine its overall rating within the organization........ Compensation decisions need to be taken on the basis of information and job evaluation is one approach to establish information on the basis of which compensation decisions can be made. By design, job evaluation focuses internally and doesn't consider market forces, individual skills or individual performance........ Job evaluation schemes split broadly into analytical and non-analytical schemes. Non-analytical schemes are ranking, paired comparison and classification. These are considered further below........

Point Ranking: It is a quantitative method of job evaluation. In this method, the worth of a job is identified based on the extent of the presence of some identified factors in that job. These factors are often referred to as compensable factors. They may include any primary factor like skills, knowledge or efforts which are compensable in monetary terms. The efficiency of the point ranking approach is dependent seriously on determining the compensable factors and assigning points to each one of these. The evaluators may give more weightage to a few factors if they think of them as decisive for the performance of a job. They may also choose distinct factors for different jobs. In the same way, they may fix different weightages to different compensable factors. Education, experience, working conditions, physical or mental efforts, responsibility, work hazard and mental stress are some types of the compensable factors..

Q. Discuss incentives and different types of incentive systems.
Answer. Incentives usually are meant to motivate people before the event to work harder and accomplish more. Incentives are designed to provide direct motivation: 'Do this and we will make it worth your while.' Incentives are usually financial but they can take the form of non-financial rewards for example promotion or a particularly interesting assignment....... Like salary, incentives operate as a relationship between the staff and the organization, again based on financial performance. Recognition operates more as a direct relationship between the employee and his or her manager (or colleagues), and this is a critical difference....Email or call us to get Mba Ignou MS-27 Solved Assignment July - Dec of Compensation and Rewards Management...
Halsey Premium Plan: This incentive plan ensures a fixed time wage to slow workers and, at the same time, provides extra pay to efficient workers. Extra pay by means of bonus is provided depending on the amount of time saved by the employee, which is calculated @ 33-1/2 per cent of the time saved. Thus the expense of labour is lowered.....
Profit-sharing Plan: In this particular approach, the organization initially establishes the target profit, i.e., the standard profit for the whole firm. At the conclusion of a certain period (maybe 12 months), it determines the actual profit of the firm. Then it compares the actual profit with the standard profit so that they can determine the surplus profit. Not surprisingly, the workers get a share......

Q. Write a note on minimum wages Act, 1948.
Answer. The Minimum Wages Act is targeted at creating a mechanism for fixing minimum wage rates in a variety of employments. It extends to the whole of India. It relates to any person who directly, or through a contractor, employs one or more workers in any of the "scheduled" employment for which minimum wages...... The Act prescribes the minimum rates of wages payable to workers for different scheduled employments for different classes of work and for adults, adolescents, children and apprentices based upon different localities.......
The objective of this Act is to safeguard the welfare of the staff in a competitive market by giving a minimum rate of wages in certain employments. Put simply, the object is to protect against exploitation of the employees and for this purpose it is aimed at fixation of minimum rates of wages the employer must pay. This minimum wage must provide not simply for the bare subsistence life but also for the preservation of the efficiency of the worker, and so it must provide for some measure of education, medical requirements and amenities. The capacity of employer to pay isn't a consideration in fixing wages....