The course provides students with a comprehensive review of the concepts and principles of compensation management (CM). Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation is more than pay. It is one of the most important functions of human resource management (HRM). The course deals with the functions of a compensation management professional. These functions include Human resource planning, Introduction to compensation management, Internal alignment: Determining the structure (Job analysis, Job evaluation, etc.), External competitiveness: Determining the pay level (Pay level, Pay structure, etc.), Employee contributions (Performance management), and Employee benefits. This course discusses recent trends and developments in CM in the changing context of work and employment. It aims to provide a pragmatic and critical treatment of the specific CM topics and examine them within a wider theoretical framework. It is designed to provide the students with an understanding of the key theoretical constructs and core elements of CM so as to foster critical judgments of practical issues involved.