Define labor and explain the nuances of labor law.
What is the purpose of labor legislation?
Explain the three classifications of labor law.
Distinguish between labor legislation and social legislation.
Enumerate and explain the five sources of labor laws.
Distinguish compensation from benefits.
Enumerate and explain the components of a compensation system (i.e. direct and indirect compensation).
Enumerate and explain the types of compensation.
Enumerate and explain the types of benefits.
Discuss compensation and benefits design and design administration.
Explain the four distinct components of compensation postulated by Thomas J. Bergmann (1988).
Discuss the three-fold objectives to be considered in compensation design, such as: a) the capable employees are attracted towards the organization; b) the employees are motivated for better performance; and, c) the employees do not leave the employer frequently.
Enumerate and explain the ten (10) components of compensation.
Discuss the seven (7) direct or base compensation.
Explain the eight (8) indirect or supplementary compensation.
4.1 Enumerate and explain the internal and external factors considered in deciding the compensation design.

4.2 Explain the seven (7) principles of compensation administration.

4.3 Explain the ten (10) objectives of compensation design.

4.4 Discuss the 5-step process of compensation design.

4.5 Elucidate the five (5) essential elements to a sound compensation design.

Distinguish between the two compensation philosophies: 1) Productivity Philosophy, and, 2) Purchasing Power Philosophy.
Explain the factors taken into consideration in determining compensation philosophies.
Discuss various issues relating to compensation system design.
Compare and contrast the Traditional Approach with Total Reward Approach of Compensation.
Discuss the 3Ps Approach to Developing a Compensation Policy such as:

1) Paying for Position, 2) Paying for Performance; and, 3) Paying for Person.

6.1 Explain the meaning of fringe benefits and their features.

6.2 Distinguish perks from fringe benefits.

6.3 Explain the objectives of fringe benefits.

6.4 Discuss the factors determining or reasons for offering fringe benefits.

6.5 Discuss the principles of fringe benefits.

Answer rating: 100% (QA)

1 Define Labor and Explain the Nuances of Labor Law Labor refers to the physical and mental effort exerted by individuals to produce goods and services Labor law also known as employment law encompass... View the full answer