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Wage and Salary Administration
One of the most important factor to be taken care of in human resources management is the amount of remuneration to be paid to an employee for a fairway’s work.Work is the expenditure of human energy for direct remuneration or pay. Pay in one form or another is certainly one of the main spring of motivate in our society. Wage and salary administration is concerned with establishing and implementing sound policies and practices of employee compensation. It satisfies physical needs of employees and determines social status.
objective of wage and salary administration
The basic objective of wage and salary administration is to establish and maintain an equitable wage and salary structure and secondary objective is to establish and maintain an equitable labour cost structure. Generally sound wage and salary administration tries to achieve
following objectives.
(1) To attract and retain the service of employee.
(2) To pay employees according to the content and difficulty of the job.
(3) To reward employees according to the effort and merit.
(4) To improve employee morale and productivity.
(5) To satisfy employee as to how and why they are paid.
(6) To facilitate pay roll administration, budgeting and wage and salary control.
(7) To simplify collective bargaining.
(8) To promote employee organizational flexibility promotion and transfer.
Remuneration provides more than a means of satisfying the physical needs-it provides recognition, a sense of accomplishment and determines social status. Hence formulation and administration of wage and salary to attract and retain right personnel in right position is the prime responsibility of the management in any organisation.
Wage and Salary Administration
One of the most important factor to be taken care of in human resources management is the amount of remuneration to be paid to an employee for a fairway’s work.Work is the expenditure of human energy for direct remuneration or pay. Pay in one form or another is certainly one of the main spring of motivate in our society. Wage and salary administration is concerned with establishing and implementing sound policies and practices of employee compensation. It satisfies physical needs of employees and determines social status.
objective of wage and salary administration
The basic objective of wage and salary administration is to establish and maintain an equitable wage and salary structure and secondary objective is to establish and maintain an equitable labour cost structure. Generally sound wage and salary administration tries to achieve
following objectives.
(1) To attract and retain the service of employee.
(2) To pay employees according to the content and difficulty of the job.
(3) To reward employees according to the effort and merit.
(4) To improve employee morale and productivity.
(5) To satisfy employee as to how and why they are paid.
(6) To facilitate pay roll administration, budgeting and wage and salary control.
(7) To simplify collective bargaining.
(8) To promote employee organizational flexibility promotion and transfer.
Remuneration provides more than a means of satisfying the physical needs-it provides recognition, a sense of accomplishment and determines social status. Hence formulation and administration of wage and salary to attract and retain right personnel in right position is the prime responsibility of the management in any organisation.
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