Mr. Kalandar Kaushik, Lead Human Resource Business Partner, Mckinsey & Co., Gurgaon, addressed the students of II MSW – PM & IR on 21st July 2018 on the topic “Compensation, Rewards and Payroll Management.”
Elaborating on the fundamentals of Compensation, Mr. Kaushik spoke of theories like Maslow’s Hierarchy of needs, Herzberg Dual Factors, Equity Theory and Expectancy Theory as the theoretical basis for pay, and also explained in detail about the bifurcation of Total Rewards into Financial and Non Financial rewards, as well as the components and the elements of Compensation Strategy.
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Mr. Kaushik spent time in explaining about the process of evaluating a job grade, and the influencing factors of one’s salary structure. He deliberated on how Total Cost to the Company (TCTC) is bifurcated into three parts, while explaining about those which are taxable, partly taxable and non-taxable. He talked about the legislations influencing one’s salary; with an example, he explained the process of calculating the taxable income and the tax payable for the financial year.
Finally, he explained the steps of processing payroll, and also mentioned the various statutory forms required before a Full and Final Settlement of a person employed is made. The trainees benefitted to a great extent as they were able to understand about various concepts on Compensation and Benefits, Total Rewards and Payroll Processes.
