You are hired as an HR consultant by ABC Ltd, a newly set up IT Company, to design a new compensation system. In this background, answer the following:
Compensation and Benefits
1. WONDERWORLD Enterprises is a leading automobile company in India manufacturing two wheelers. Company has expanded its operations in Asia by setting up a unit in Indonesia. A team of 50 employees is sent on deputation to handle the Indonesian project. You are an HR Manager of WONDERWORLD and you are entrusted with the responsibility of designing the compensation for these 50 employees. Which approach to compensation management will you adopt?
2. REGENCY Group is a leading business conglomerate in India. The group is planning to diversify into construction sector and as an HR Manager you are asked to conduct a compensation survey in construction sector in India so that important compensation decisions can be made. Suggest a step by step process for conducting this compensation survey.
3. You are hired as an HR consultant by ABC Ltd, a newly set up IT Company, to design a new compensation system. In this background, answer the following:
a. It is important to identify all the stakeholders before designing a new compensation system. Identify the stakeholders of compensation for ABC Ltd.
b. Discuss the types of compensation that will be a part of compensation system of ABC Ltd.
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