4. What are the objectives of wages and salary administration The main objective of wage and salary administration is to establish and maintain an equitable wage and salary system. 2. Wages and Salary Administration 2/JNU OLE 1.1 Compensation: The Concept The term compensation is used to mean employees’ gross earnings in the form of financial rewards and benefits as part of employment relationship. A sound wage and salary administration seeks to achieve the following objectives (Monappa & Saiyadain, 1997: 253-254): a. Respondents’ opinion regarding success of wage and salary administration – from sample unit. Compensation management, also known as wage and salary administration, remuneration management, or reward management, is concerned with designing and implementing total compensation package. If the concerns is running into losses then it may not be able to pay higher wage rate. W. ages & Salary administration. This is so because only a properly developed compensation system enables an employer to attract, obtain, retain and motivate people of required calibre and qualification in his/her organisation. Compensation may also be viewed as: • a system of rewards that motivates employees to perform Ability to pay: The ability to pay of an enterprise will influence wage rates to be paid. Meaning and objectives of wage and salary administration. The main objective of wage and salary administration is to have a scientific , rational and balanced wage and salary structure.
Allowances. System of wage and salary payment. Wage refers to at an hourly rate of pay and is the pay basis used most frequently for production and maintenance employees. 5. Importance of Wage and Salary Administration in HR Management. Compliance with these policies and practices is subject to audit review. The wage and salary administration is concerned with financial aspects of needs, motivation and rewards.
The words wage and salary are sometimes considered synonymous strictly speaking however they have slightly different meaning. CHAPTER – VII WAGE AND SALARY ADMINISTRATION 1. b.
The Salaries and Wages section of the Employees: Personnel Administration business area is intended to ensure consistent application of Research Foundation (RF) policies and procedures for salary and wage administration. Robbins, wage and salary administration denotes the process of managing a company’s compensation programme. 3. In the words of S.P. Cost control. A profitable concern may pay more to attract good workers. The basic objective of wage and salary administration is to provide better life and health to the workers, to make the workers happy and satisfied by providing them salary according to their education qualification and skill. Meaning of .
Wage and salary administration is a key to smooth employer – employee relations. Basic pay. Compensation is the human resource management function that deals with every type of reward individuals receive in exchange for performing an organizational task. To establish and maintain equitable wage and salary structure. Internal factors influencing Wage and Salary Administration. One of the most important factor to be taken care of in human resources management is the amount of remuneration … Salary and Wage Administration Functions and Responsibilities Intent.
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