Syllabus

Compensation and Benefits (MGMT 378)

This is the Fall 2007 syllabus. See the appropriate syllabus for the semester you are interested in.

This is a three-credit graduate level course and is one in a series of elective courses in the Personnel Track of the Human Resource Management field of study. The Human Resource Management program is part of the online Master of Professional Studies (MPS) degree offered through the University of Connecticut's Center for Continuing Studies. The developer of this course is Dr. Dennis Lee.

Course Information

 

Course Title: Compensation and Benefits (MGMT 378)
Credits: 3
Instructor: Michael Irons

 

E-mail: mirons65@hotmail.com

Course Description

Application of compensation principles to organizational objectives. Strategic use of compensation systems for attracting, motivating, and retaining employees. Managerial aspects of paying employees at all organizational levels. Focuses on managing employee compensation in contemporary organizations. The major objectives are: to examine the current state of compensation decision making; to examine how recent theoretical and research developments inform compensation decisions; and to offer an opportunity to develop competencies in making compensation decisions.

Course Objectives

Upon completion of this course, the student will be able to:

1. Discuss the strategic importance of compensation to the achievement of organizational goals.
2. Identify links between compensation objectives and business strategy.
3. Discuss the role of compensation in attracting, motivating, and retaining a high-quality workforce.
4. Discuss recent theoretical and practical developments in the area of compensation and benefits.
5. Develop the basic competencies required for the development and management of compensation systems.
6. Discuss how compensation management can become a competitive advantage.
7. Discuss the role of compensation management as part of the new mandate for HR executives.
   

Course Requirements and Grading

You will be evaluated based upon the following:

1) Papers on:

Compensation Strategy/Competitiveness (20% of final grade)

Select an organization or industry you are familiar with and write a 5 to 7 page paper addressing the compensation strategies and policies that impact the organizations competitiveness. This may compare and contrast two different companies (industries), focus on their reliance on base pay versus variable incentive pay, research the extent to which pay practices are regulated or mandated or any other topic that is relevant to compensation management today.

Executive Compensation – select current topic (20% of final grade)

Select a current topic regarding executive compensation that interests you, and write a 5 to 7 page research paper defining the issue and stating the views of various constituencies. For example, the effectiveness of stock based long term incentives and how shareholder interests are aligned with executives, recent legislative attempts to regulate and define “reasonable” compensation for executives, determining the value of a turn “around executive”.

Employee Benefits – select current topic (20% of final grade)

Select a current topic in employee benefits and write a 5 to 7 page paper outlining the benefit issue and its implications to the organization and employees. For example, recent movement away from Defined Benefit pension plans to Defined Contribution plans, increasing costs in medical plans and health care and how costs are shared by organizations and employees, retiree medical and RX coverage, whose responsibility is it?

2) Written Module Assignments (25% of total grade) Written assignments will be included at the end of most of the modules. These written assignments will include exercises, essay questions, and case analyses. Students will be expected to post their responses by the end of the module date listed on the course calendar. All assignments must be submitted via WebCT.

3) Web-Based Discussions (15% of total grade) Students will be expected to read and comment on the module assignments completed by their colleagues. Students will be expected to post at least one substantive comment (e.g., comment, question, suggestion) to one or more of your colleague's work on each module. You will also be responsible for responding to all relevant posts regarding your submissions for each module.

Grading Recap	% of Final Grade
Compensation Strategy Paper	20%
Executive Compensation Paper	20%
Employee Benefits Paper	20%
Written Module Assignments	25%
Discussions	15%
	100%

You are responsible for acting in accordance with the Student Code, available at http://www.dosa.uconn.edu/student_code.cfm.

Course Materials

This course text may be purchased locally, through an online bookstore, or through the Storrs UConn Bookstore. Please visit our page on buying books for more information.

Required Materials

• Milkovich, G. & Newman, J. (2004). Compensation (8th ed.). McGraw-Hill/Irwin. ISBN: 0072875437 (Please be sure to get the 8th edition of this book as this is the edition that will be used for this course.)

Additional articles will be provided in the course through the Electronic Course Reserve (ECR).

 

Software Requirements

Microsoft Word

Adobe Acrobat Reader

Your Internet browser and browser settings need to be Vista compatible. See Settings.

Course Outline

Module 1 - Introduction To Compensation
A. Definition of Compensation
B. The Pay Model
C. Strategic Pay Policies

Module 2 - Strategic Perspectives in Compensation Management
A. Strategic Perspectives of Pay
B. Strategic Pay Decisions
C. Best Practices vs. Best Fit Options

Module 3  - Defining Internal Alignment
A. Definition of Internal Alignment
B. Internal Pay Structures
C. Strategic Choices In Internal Alignment Design
D. Which Internal Structure Fits Best?

Module 4 -  Job Analysis
A. Why Perform Job Analysis?
B. Job Analysis Procedures
C. Job Analysis Data Collection Process
D. Job Descriptions

Module 5  - Job Evaluation/Person-based Structures
A. Definition of Job Evaluation
B. Major Decisions In Job Evaluation
C. Job Evaluation Methods
D. Final Result – Pay Structure

Module 6  - Determining External Competitiveness 
A. Definition of Competitiveness
B. Pay Policy Alternatives
C. Wage Surveys
D. Interpreting Survey Results
E. Pay Policy Line
F. Pay Grades

Module 7  - Employee Contributions: Pay For Performance (PFP)
A. Rewarding Desired Behaviors
B. Does Compensation Motivate Performance?
C. Designing PFP Plans
D. Merit Pay/Variable Pay
E. Individual vs. Group Incentives
F. Long Term Incentives

Module 8  - Performance Appraisals
A. Role of Performance Appraisal In Compensation
B. Common Errors In Performance Appraisal
C. Measuring Job Performance
D. Training Raters
E. Contextual Issues In Appraisal

Module 9  - Benefits
A. Benefits Determination Process
B. Value of Benefits
C. Legally Required Benefits
D. Retirement, Medical , & Other Benefits

Module 10  - Compensation of Special Groups
A. Who are Special Groups?
B. Compensation Strategies For Special Groups

Module 11  - Legal & Administrative Issues in Compensation
A. Legal Issues
B. Pay Discrimination
C. Comparable Worth
D. Budgets and Administration

Module 12  - Global Compensation
A. Recognizing Variations
B. Social Contract
C. Culture & Pay
D. Strategic Choices In Global Compensation
E. Comparing Systems
F. Expatriate Pay

Evaluation of the Course

Students will be provided an opportunity to evaluate instruction in this course using the University's standard procedures, which are administered by the Office of Institutional Research.