Wage And Salary Administration In Hrm Pdf

wage and salary administration in hrm pdf

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COMPENSATION ADMINISTRATION

Wage and salary administration is defined as the process by which wage and salary levels and structures are determined in organisational settings. Wages are payments for labour services rendered frequency, expressed in hourly rates, while a salary is a similar payment, expressed in weekly, monthly or annual rates. The determination of wage rates, administration of wage policies and satisfying the employees as regards to wages and rates of wages is an important aspect of wage administration. As a matter of fact wage and salary administration is one of the major responsibilities of modern manpower management. Introduction to Wage and Salary Administration 2.

The soundness of compensation management depends upon the amount of wage or salary is paid to an employee for a fair days work. Wage and Salary administration refers to the established and implementation of sound policies and practices employee compensation. Wage and salary administration is one of the vital areas of the personnel administration. For sound wage and salary policies and programs are essential. To procure, maintain, develop, promote and transfer employees and to get effective results from them. An organization has to balance fairly financial and non financial rewards extrinsic awards.

Wages and salary administration in human resource management pdf

Compensation and benefits refer to the benefits a firm provides to its employees in exchange for their labor. Compensation and benefits are thus a key part of Human Resource Management. In this article, we will provide you with a full guide about compensation and benefits. Contents What are compensation and benefits? Why are compensation and benefits important? Compensation and benefits and employee motivation How do HR Departments calculate compensation and benefits?


This book contains the course content for Wages and Salary Administration. compensation policy and human resource philosophy, its location, the type of business and the type Books/Documents/5_elmhurstskiclub.org> [Accessed 17 July ].


Wage and Salary Administration

A salary is a form of payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages , where each job, hour, or other unit is paid separately, rather than on a periodic basis. From the point of view of running a business, salary can also be viewed as the cost of acquiring and retaining human resources for running operations, and is then termed personnel expense or salary expense. In accounting, salaries are recorded on payroll accounts.

The main objective of wage and salary administration is to establish and maintain an equitable wage and salary system. These objectives can be seen in more orderly manner from the point of view of the organisation, its individual employees and collectively. There are outlined and discussed subsequently:.

Objectives and Principles of Wage and Salary Administration

Compensation administration is a segment of management or human resource management focusing on planning, organizing, and controlling the direct and indirect payments employees receive for the work they perform. Compensation includes direct forms such as base, merit, and incentive pay and indirect forms such as vacation pay, deferred payment, and health insurance.

Wages and salary administration in human resource management pdf

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The total cash compensation, which includes base, and annual incentives, can vary. Wages and salary administration jaipur national university. Human resource administrator jobs with salaries indeed. Human resources managers plan, direct, and coordinate the administrative functions of an organization.

As you sit down to review the compensation package your company offers, one thing that stands out is that your compensation package no longer matches the core values of your organization. When your organization merged five years ago with a similar firm that specializes in online shoe retailing, your company had to hire hundreds of people to keep up with growth. As a result—and what happens with many companies—the compensation plans are not revised and revisited as they should be. The core values your company adopted from the merging company focused on customer service, freedom to work where employees felt they could be most productive, and continuing education of employees, whether or not the education was related to the organization. The compensation package, providing the basic salary, health benefits, and k plans, seems a bit old-fashioned for the type of company yours has become. For example, you are considering implementing a team bonus program for high customer service ratings and coverage for alternative forms of medicine, such as acupuncture and massage.

Wage and Salary Administration Sample Full Project

Internal and External Pay Factors

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Wage and salary administration is defined as the process by which wage and salary levels and structures are determined in organisational settings. Wages are payments for labour services rendered frequency, expressed in hourly rates, while a salary is a similar payment, expressed in weekly, monthly or annual rates.

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