Wage and salary administration anjali patel

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Wage and Salary Administration

Wage and Salary Administration

A Presentation on

Wage & Salary AdministrationAn integral part of management.Systematic approach to provide monetary values to employees.It is Administration of Employee Compensation.Aims to establish and maintain an equitable wage and salary structure.

DefinitionAccording to D.S. Beach-Itrefers to the establishment and implementation of sound policies and practices of employee compensation. According to Bewath and Reins-It is essentially the application of a systematic approach to the problem of ensuring that employees are paid in a logical, equitable and fair manner

Wage Salary & Compensation

Wages

Paid to Blue Collared employees.

Daily, Weekly or Monthly work paid.

For jobs which can be measured to some extent in terms of moneys worth.

Salary

Paid to White Collared employees.

Paid monthly, or bimonthly.

Contribution of work can not be easily measured.

Compensation

Compensation is a comparative term.

It includes wage and all other allowances and benefits like allowances, leave facilities, housing, travel and non-cost such as recognition, privileges and symbols of status

Concept of Wages

Objectives

Establish fair and equitable compensation.Attract competent and qualified personnel.To retain present employees.To keep labor cost align with organization ability to pay.To improve motivation and morale of employees.To project good image of the company.To minimize chance of favoritism.

Principles

Interest of all the parties should be considered.Wage Plans should be flexible and responsive to changes.Differences in wages should be based on logical facts.Consistently align with organization plan.Expedite and Simplify administrative process.In line with prevailing market rates.

Factors Affecting

External Factors

Internal Factors

ProcessWage Administration Rules

Types of Wages

Wage Incentive Plan

Submitted to-

Dr. Praveen SaxenaSubmitted by-

Anjali Patel

Thank You