Productivity 7. The main objective of wage and salary administration is to have a scientific , rational and balanced wage and salary structure. Wage and salary administration is when a person looks at everyone's pay at a company and makes sure it is in line with what the company can afford.
A number of factors influence the remuneration payable to employees.
Prevailing Market Rates 4. Between 2016 and 2026, jobs in healthcare administration in Texas are projected to increase by 29.6% – much higher than the national average growth rate of 20.5% for this profession. Ability to Pay 2. The following factors should be taken into consideration in determining wage and salary structure of workers: (i) Labour Unions: The labour unions attempt to work and influence the wages primarily by regulating or affecting the supply of labour. Supervisory Skills Maintaining Business Relationships Human Resources Management Question added by MOHAMED NAJMUS SAKIB SAKIB , Intern , QUAARC SOLUTIONS The wage and salary administration may use a variety of factors , including the company budget and the amount that competitors pay , in making of decisions. Factors influencing wage and salary structure and administration - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online.
> Factors influencing wage and salary structure of an organization. Wages and Salary Administration This book is a part of the course by Jaipur National University , Jaipur. However, productivity is considered as one of the important factors which affects the wage and salary structure. Factors Influencing Wage and Salary Administration: The wage payment is an important factor affecting labor-management relations. Supervisory Skills Maintaining Business Relationships Human Resources Management Question added by MOHAMED NAJMUS SAKIB SAKIB , Intern , QUAARC SOLUTIONS Factors influencing wages and salary administration - 10069361 (i) Labour Unions (ii) Personal perception of wage (ii) Personal perception of wage(iii) Cost of living The most comprehensive analyses include looking at internal as well as external factors that create salary differences.
Marginal units pay the minimum necessary to attract the required number of kind of labor.
These have a decisive influence on the wage structure and wage level since judgment is exercised in many areas of wage and salary administration - including whether the firm should pay below average, or above average rates, what job factors should be’ used to reflect job worth, the weight to be given for performance or length of service, and so forth, both the structure and level- of wages are bound to …
RS Group Wages and Impacting Factors 2005 – 2006 vii DEFENITIONS OF TERMS Employee is worker or individual who do some work for pay or profit under the guidance of employer. Established and start-up companies alike periodically review their organization’s compensation structure. Compensation Management – 11 Major Factors Influencing Compensation.
What is Wage and Salary Administration – Components: Basic Wage/Salary, Dearness Allowance, Bonus and Fringe Benefits Generally, wage and salary structure of an administration or a company depend upon several factors such as wage settlement, labour market situation, company’s nature and size etc. ... Factors influencing Wage and Salary structure and administration : 5. 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. 2. Wage and salary, income derived from human labour.Technically, wages and salaries cover all compensation made to employees for either physical or mental work, but they do not represent the income of the self-employed.Labour costs are not identical to wage and salary costs, because total labour costs may include such items as cafeterias or meeting rooms maintained for the convenience … Comparison of similar job in other organisations is done through wage surveys to determine the going wage for the given job. Further, the salary rates for the similar jobs in the firms located in the same geographical region also influence the wage rate in the organisation.
Chart 5.1 Steps Involved in Determination of Wage Rate …