Wages & Salary

WAGES & SALARY

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 Introduction

·       Wages are paid to the

o   blue-collar employees

o   Paid daily, weekly or monthly

o   Paid to job which can be measured in terms of money’s worth

·       Salary are paid to the

o   White collar employees

o   Paid in monthly basis

o   Paid to employees whose contribution cannot be measured easily

 

Principles

·       External equity

·       Internal equity

·       Individual worth

·       Should be sufficiently flexible

·       Job evaluation must be done scientifically

·       Must always be consistent with overall organizational plans & programs

·       Should be responsive to the conditions

·       Optimized employee and employer interest

 

Objectives

·       To control payroll

·       To recruit persons for a firm

·       To

o   Satisfy people

o   Reduce turnover of salary

o   Grievances & frictions

·       To motivate people to perform better

·       To maintain good public image

·       To fulfil legal requirements

 

Factors Affecting Wages & Salary

·       Labor Unions

·       Personal perception of wage

·       Cost of living

·       Government Legislation

·       Ability to pay

·       Supply & demand

 

Video Description

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